Londoners sink deepest into the red as salaries lag behind cost of living
Sunday 28 October 2007
People from London have the average highest debt in the UK, according to findings from credit reference agency Callcredit.
In fact, the six most indebted towns and boroughs in the country are all in Greater London, including Ilford, Harrow and Uxbridge.
Fuelling this debt addiction in the capital is the need to borrow heavily to get on the property ladder, while wages are failing to keep up with rising living expenses such as higher utility and council tax bills.
"The increasing cost of living in London isn't being matched by corresponding salary increases, which leaves people relying more on credit than savings," said Owen Roberts, spokesman for the credit reference agency.
He added that despite higher interest rates and much talk of a housing market slowdown, there seems to be little let-up in people's appetite for borrowing, particularly in the capital.
As for the rest of the UK, the north-west of England, the West Midlands, Scotland and Wales were all cited as having above-normal levels of personal debt. Meanwhile, the south- west of England is the area of the UK with the lowest debt per head of population.
The market towns of Taunton, Bath, Salisbury and Dorchester have the lowest average debt levels, Callcredit added.
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