Money, money, money

The UK is a mature financial market with little brand loyalty. Consumers switch credit cards to find the best deals.

Money, money, money

Fiona Jack and Greig BurnsideGreen Light International, United Kingdom

SETTING THE SCENE: DEBT IN THE UNITED KINGDOM AND IRELAND

Britons now owe more than £1.1 trillion on credit cards, loans and mortgages, making them one of the most indebted nations in the world (creditaction. org, 1 September 2005). Britain's personal debt is increasing by £1 million every four minutes. Average household debt in the United Kingdom is £45,085 and every man, woman and child in the United Kingdom is £18,611 in debt. Average consumer borrowing via credit cards, motor and retail finance deals, overdrafts...

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