British see borrowing as part of modern life

British see borrowing as part of modern life

Wednesday, June 19, 2002

A new survey carried out by ICM Research has revealed that the British public now see loans, credit cards and bank overdrafts as just a part of modern day life, with 68 percent of those surveyed completely accepting them and 23 percent fairly ambivalent in their attitude. Just 16 percent rejected the idea of them as being a part of modern life, preferring to use them only in special circumstances.

However, when buying a major item such as a car or a TV, more people save the money before they buy (40 percent) than any other finance option. These include borrowing the money immediately (10 percent) or saving some and borrowing the rest (19%).

Despite the relaxed attitude to borrowing, the majority of people in the survey don't actually have any active credit lines excluding mortgage. 60 percent had no outstanding credit, while 23 percent had credit or store cards, 17 percent had personal loans, 12 percent used a bank overdraft and 5 percent had other types of loans.

Among those who do have borrowings, an overwhelming majority are either very comfortable (47 percent) or quite comfortable (40 percent) in their ability to safely manage their debts. Only three percent were really concerned that their spending habits may get them into trouble.

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