Personal debt exceeds GDP for first time by Finance News Bulletin

Published: 18/12/07

touching accounts from one bank to another is "easy", according to the British Bankers' AssociationThe value of Christmas presents can "significantly" affect home contents cover, warns NFU MutualAxa is launching My Budget daylight hours on November 21st in an attempt to encourage people to take manage of their financesThe amount of individual debt in Britain has exceeded the projected gross domestic product for the unparalleled ever

Borrowing in the form of personal loans, present account overdrafts and credit card spending stands at more than £1,345 billion, according to a account by consultancy firm Grant ThorntonHowever, around 85 per cent of that amount is tenable against some form of property, which Stephen Gifford, Grant Thornton's chief economist, says we should be grateful forHe remarked that it is fortunate that most consumer money owing "is secured and can be repaid over several years, otherwise we would be technically bankrupt""Britain's enormous level of consumer debt is symptomatic of the country's entrenched buy-now-pay-later culture - we can no longer make enough GDP to cover the amount we owe," he added

Meanwhile, debt advisory service Debt Free straight has warned that lenders are beginning to take a tougher approach towards Individual unpaid Agreements (IVAs) as they seek to regain

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