Fool.co.uk slams "binge borrowing" among consumers

27/01/2009

"Binge borrowing" has led the UK into an economic "mess", a top personal finance expert claimed today.

David Kuo of financial website Fool.co.uk also said that everyone with secured or unsecured debts should feel that they have a "responsibility" to pay back their debts.

The expert also had harsh words for the government, which has launched two multi-billion pound bank bailouts over recent months in order to encourage lending to consumers to continue.

David Kuo, head of personal finance at Fool.co.uk, said: "The government is trying to encourage everyone to go out and borrow money again and the mess we are in now is the result of 14 years of binge borrowing and we've become addicted to debt at the moment.

"It is the responsibility of everyone with a mortgage, a loan, credit card debt and a bank overdraft to slowly pay back their debts."

Total personal debt in the UK exceeds £1.4 trillion, figures from charity Credit Action show.

Tags; Debt Management and Banking, Credit Card Lifestyle,

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