Latest Debt News
Middle-class are 'less well off than they think'
21/04/2008 11:14:00
Millions of supposedly 'middle-class' spenders are getting into debt by attempting to finance a lifestyle they cannot afford, claims new research.
A study from Moneysupermaket.com showed that over 15 million people or 25 per cent of the entire population are in debt and in denial of their true working class status.
By keeping up 'middle-class' appearances, an estimated £35 billion in loans have been taken out.
Richard Mason, managing director of insurance and home services at moneysupermarket.com, said: "With the credit crunch taking hold and the housing market faltering, it's worrying to see that so many people are spending and borrowing beyond their means to try and keep up with the lifestyles of others."
Consumers need to examine their household budgets to in order to help them find money saving opportunities, he continued.
According to the figures, more than ten per cent of average 'middle-class' homes have an annual average income of less than £15,000.
Meanwhile, recent research from the firm showed that nearly half of consumers have not checked their credit rating.
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