debt elimination uk

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Debt Elimination - The UK Debt Problem

 

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debt problems uk


 

The UK Debt Problem  >  Causes of Debt Problems >  Frequently Asked Questions  > Typical Stories >  Practical Solutions...

 


 

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Introduction - a question that is commonly asked is why is debt rising so quickly in the UK? Arguably there is no single solution for debt elimination. However there are some underlying trends on both the side of borrowers and lenders which can help us understand the issue.

Increased Willingness to Borrow....

  • Today's society in the UK is driven by consumer marketing. Every day we (and our children) are bombarded with media advertising for goods and services. This means that we are no longer in the dark regarding all the things that are available to us. The advertising frenzy seems to have broadened our horizons to what could be ours if only we can afford to pay for it.

  • In parallel to our broadened horizons, our ideas of the minimum standard of living we expect has increased dramatically in recent years. Arguably the norm is no longer a single car parked on the drive and one family holiday per year. Now it seems perfectly reasonable to expect two cars and two foreign holidays per year.

  • In most cases, family incomes have not kept pace with living standard expectations. As such, instead of saving now and buying later, we have developed a have now and pay later attitude funded by credit.  Debt elimination is simply not implicit within society.

Increased Willingness to Lend....

  • Clearly, an increased willingness to borrow means nothing without a willingness from banks to lend money. It seems that since the mid 1980s, personal credit available from the banking industry has been on the steady increase. By the end of February 2004, total UK personal debt was £956bn.

  • Today, the banking industry seems more enthusiastic than ever to lend us money to use in the pursuit of achieving our expected standard of living. If we want to buy a new car, it is easier than ever to apply for a bank loan. It is almost impossible to walk into any shop without being offered credit via a store card scheme.

 

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