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Credit card debt `no longer carries stigma`

13/07/2007

Britons` appetite for luxury and credit card spending has contributed to debt becoming more socially acceptable, it has been claimed.

Jason Hollands of F&C Investments said that the current level of nationwide savings - which is at its lowest point since 1960 - reflects a culture which values short-term pleasure over long-term planning.

He cited a mixture of easy credit, reduced tax incentives, poor financial education and an uncertain relationship with the financial services industry as reasons why people choose not to save.

Mr Hollands also explained that the stigma which was once associated with bankruptcy and high levels of debt has all but disappeared.

"In particular there has been a shift in cultural attitudes towards debt. Being pumped up on easy credit no longer carries a social stigma," he said.

Households of all income levels fall prey to the temptation of easy credit, he added.

Total consumer credit lending to individuals stood at £213 billion at the end of April, according to Credit Action.

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