Most borrowers comfortable with their level of credit card debt, suggests survey

Wed, 19 Apr 2006

Most Brits claim they are comfortable with their current level of credit card debt or loan and mortgage repayments, reveals new research.

A personal credit index that tracks the nation's credit confidence carried out by First CreditExpert found that three-quarters of borrowers say they are comfortable with their debt.

In fact 85 per cent said they were confident about meeting monthly credit card bills and maintaining mortgage and personal loan repayments.

These attitudes emerge against a spiralling level of consumer debt in the UK with the level of credit card, mortgage and personal loan debt about to hit the £1.1 trillion mark.

However, the survey suggests that consumers are getting in control of their finances, aiming to reduce their credit card or personal loan debt in the future.

Almost a third said their level of credit card and personal loan debt was set to decline, compared to just one in ten who said they expected it to increase.

The survey also found that credit confidence was at its lowest in the capital, with the net confidence of Londoners rated at 47 per cent.

In other regions with lower costs of living and cheaper mortgages, confidences rates hovered around 74 per cent in the east Midlands and 91 per cent in the south-west.

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