10 May 2005
Leading analysts have again called for Britons to start heeding advice about personal loans to help reverse a worrying trend of financial uncouthness.
New research from finance group MyEquifax revealed that a shocking 40 per cent of 26 to 40-year-olds are not in a particularly secure financial position.
Nearly 30 per cent of this age category have short-term debts of over £5,000 and a fifth use their overdraft every month to fund everyday expenses.
The report also reveals that the 18 to 25-year-old age category is starting to bear a striking resemblance of financial mismanagement.
External affairs director at MyEquifax Neil Munroe explained that this trend, although not of immediate urgency, could develop into a serious problem unless better financial advice about solutions including personal loans for debt consolidation is administered and heeded.
Consumers still have "a pretty good understanding of what constitutes a bad debt and how it could impact their future", said Mr Munroe.
"However, there is no getting away from the fact that the greater dependency on credit does seem to have put a reasonable proportion of consumers under financial pressure," he added.
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