/24-7PressRelease/ - WATFORD, UK, October 07, 2006 - Report from Datamonitor has done enough to wise up Britons to bring the level of debt low. It has been revealed by the report that average family in UK owes over 3,000 in unsecured debts like credit cards and unsecured loans.
The amount owed by average family in UK is double the amount of other countries in Europe. This makes the country the most indebted one in Western Europe. The revelation of these facts has resulted in promptness among the Brits to pay off their debts quickly.
It is the first time since 1994 a fall has been recorded in borrowing on credit cards than paying off. Figures on credit cards for August show that 311 million more was paid off than borrowed and the total amount of credit card debt in the UK have fallen to 55.4 billion.
This change in attitude has occurred due to widespread awareness about the dangers of building up debt and the necessity of acting responsibly so far personal finance is concerned. General tightening of lending criteria and the recent rises in interest rate are also among the factors responsible for debt awareness.
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