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Brits top the debt charts

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    Britain still tops the European debt league, according to the latest figures, with the average citizen owing a startling £3,035. More worryingly still, this figure is £998 above that of Germany, the second nation in the charts, and a staggering £2,293 more than is typically owed in Italy, which propped up the table.
    The report, by Datamonitor, observes that rapid house price increases over the past decade served to provide people with a false sense of wealth, while hard sells by credit card firms and banks have served only to make the problem worse. Consumer confidence, though, is currently undergoing something of a slump despite the onset of Christmas – and Maya Imberg, the report's author, was swift to point out the role that banks have played in prompting a renewed sense of debt fear in consumers.
    She said: "Attitudes towards borrowing in the UK are very positive and the propensity towards saving is generally quite low. But bank attitudes towards consumer credit have been crucial to the market's development. "Banks tend to be aggressive in their tactics and offer highly competitive pricing. Moreover, there is a vast range of products available to consumers."
    It was also shown that outstanding unsecured debt rose by 41 per cent in the UK between 2000 and 2004, while in Germany it only increased by 6.2 per cent.




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