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Debt and credit are central to the British economy, a financial charity said today.
Therefore, it should come as no surprise that so many people in the UK struggle to get out of debt, according to a spokesperson for Credit Action.
Associate director Chris Tapp said that it has grown progressively easier to borrow money over the past twenty years in Britain.
"This has meant that credit has become part of our financial culture where you have people borrowing as part of their every day lives and taking on risk in doing that," he said.
He added that bad credit and problems with debt management may stem from "an economy based on borrowing".
The charity reported that the number of calls it received from people struggling with debt problems doubled since the last base rate hike in January.
Excluding mortgages, the average British household debt is £8,791, according to its figures.
