Over half of the UK population intend to borrow money in the coming year, with almost one-quarter admitting they would happily borrow up to £20,000 without worrying about it, according to an Abbey research.
Latest data from the Glasgow-based provider reveals 53% of Britons will be borrowing an average £3,997 in the next twelve months, with 24% saying they would not even lose a wink of sleep if they were to borrow five times that amount. Some 28% plan to use their credit cards to cover the cost, and 20% will consider going in the red on their current account in order to access additional cash. Despite low interest rates and growing house prices, however, only one in ten would re-mortgage the homes to gain some extra money. The 'carpe diem' attitude seems prevalent among the UK population ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
