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Londoners are most in debt
22 October, 2007
Callcredit has revealed that Londoners have the highest debt rates.
According to the research, residents of six Greater London areas have the country’s highest debt rates, while south western towns Taunton, Bath, Bournemouth, Salisbury and Dorchester rank the lowest.
London East, Uxbridge, London South East, Ilford, London North and Harrow represent the UK’s top six most indebted postal areas. Liverpool (7th), Birmingham (8th), London North West (9th) and Motherwell (10th) were also highly ranked in the annual figures.
Regionally, London, the North East, West Midlands, Scotland and Wales have the UK’s highest debt levels, however other areas have shown a worrying spike since the data was last collected in early 2006. The Isle of Man has leaped a massive 44 places to the country’s 56th most in debt postal area, while West London (up 37 places to 42), East Central London (up 27 places to 92)) and Lancaster (up 24 places to 83) also point to a borrowing boom.
Owen Roberts, head of Callcredit Consumer comments: “Despite the recent credit crunch, consumers seem to be borrowing more and more, especially in the capital. This goes to further illustrate that the increasing cost of living in London isn’t being matched by corresponding salary increases, which leaves people relying more on credit than on savings.
“It is important that we all take the time to review our borrowing habits and make sure that we don’t end up owing more than we are able to pay back. It doesn’t take long to work through your finances; using your bank and credit card statement and a copy of your credit report you can take back control of your financial life”.