UK debt is at ‘time bomb’ levels

UK personal debt levels are a “time bomb” that pose a threat to millions of households, a report commissioned by the Conservative Party has found.

Personal debt levels of more than £1 trillion mean that about 15 million people are exposed to external shocks such as a sharp rise in the oil price.
In its report, the commission said that “the sheer scale of consumer debt has made millions of households extremely vulnerable to shocks in the economy, both from fiscal mismanagement and external factors such as oil price rises, acts of terrorism and wars”.

“A downturn in the economy would create serious economic and social problems for the 15 million people who struggle with debt repayments.”

“Debt is a time bomb which could be triggered by any number of shocks to the economy.”

“Credit is far too easily available in the UK.”

http://news.bbc.co.uk/1/hi/business/4366225.stm