Latest Debt News
Irish debt continues to rise
21/12/2005 18:05:00
A leading economist believes that the average household in Ireland will be facing debts of €6,500 by the end of this year, in addition to their normal mortgage repayments.
Austin Hughes, chief economist of IIB Home Loans, made the estimation on the back of research carried out by his company and the Economic and Social Research Institute (ESRI), the Irish Independent reports.
Its last assessment, published in the middle of 2005, revealed that the average unsecured personal debt was €5,800 at the end of 2004.
But the amount of money borrowed using credit cards, personal loans and car loans continues to increase unabated.
The previous study also indicated that Irish people are starting to feel the effect of their financial situation catching up with them.
Many people felt their debts were beginning to weigh down on them, with some 52 per cent of thirty-somethings thinking their financial situation was a "heavy burden".
© Adfero Ltd