Lamport Bassitt Solicitors - Legal News - Credit crunch 'has changed people's attitude towards debt'


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS Credit crunch 'has changed people's attitude towards debt' An expert has suggested that the impact of the credit crisis has had a profound effect on people's opinions regarding debt matters. Ed Bowsher, head of consumer finance at lovemoney.com, responded to news from Creditaction that the Office for Budget Responsibility has predicted that the money owed by households will equate to £1,823 billion by the end of 2015. He said the positive signs are that growth of personal debt has been quite low at a rate of 0.8 per cent over the last year. "I think the financial crisis has changed some peoples' attitude to debt," Mr Bowsher said. "They now realise that debt can be a huge albatross and are trying to pay their loans." This may have resulted in the figures not being as high as might otherwise be expected. Moreover, the statistics showed that total lending in July 2010 went up by £0.3 billion, with consumer credit borrowing rising by £0.2 billion. Posted by James Walsh Related Articles: 8/5/2012 - More companies fail as personal insolvencies fall 23/4/2012 - Landlords and insurers unite behind insolvency law reform 19/4/2012 - Enterprise Act 'does not need radical overhaul' 13/4/2012 - Retail insolvency rate up 15% as rent payments bite 28/3/2012 - Business insolvencies on the rise More Insolvency & Restructuring News