As per a research by Datamonitor, individuals in U.K. are having an average of £3,175 in unsecured debt. This figure is more than double than what is prevailing in western Europe. Though consumer credit cards and unsecured loans have reached a saturation point but mortgage lending is still going upwards.
As compared to U.K.’s attitude towards credit, in a number of other European countries a culture of saving prevails. Countries like Germany and France are debt adverse.
On the other hand the UK credit market has reached its limit and is just growing at a rate of only 2.7 % over the past five years when compared with the rate of 8.3% prevailing in the rest of western Europe.
