For Your Protection and Peace of Mind
All our loans & procedures are approved and qualified by our fully experienced compliance team to ensure they meet our high standards and comply with all current regulatory requirements
 News |
|
Search Categories |
| Archive News |
Outstanding debt 'now outweighs earnings'
The average Brit now owes more in debt than they earn in their salary, according to new research.
Confused.com said that for every £1 earned in their annual salary, a person in the UK will owe £1.02 in debts.
The study also named the country's debt hot spots, with residents of Kingston-Upon-Thames owing on average 169 per cent of their yearly income.
Mancunians proved to be far more frugal, with each person owing on average just 51 per cent in debts for every pound earned.
Gemma Stanbury, head of savings, loans and debt at Confused.com said: "As we face continued uncertainty and increased financial pressures, it is good advice for all to become more aware of what they are spending and on what.
"Where spend and debt can be reduced, efforts should be made to ensure it is done."
A recent report from the New Local Government Network found that people are more likely to turn to loan sharks in the recession as they struggle to borrow from legitimate lenders.