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A third `ignore debts to keep up with the Joneses`
18/04/2008
Over a third of Britons ignore their current debt problems by spending beyond their means just to keep up with the latest fashions and trends, a new report has revealed.
According to a study by Experian, 34 per cent of consumers splash out on clothes that they know they should not buy, but do just to keep up appearances.
The desire for the latest gadgets means that 11 per cent constantly seek the newest technologies, often spending beyond their means to acquire them.
Meanwhile, 31 per cent of Brits acknowledge their image-conscious behaviour by acting differently around wealthy peers.
Jim Hodgkins, managing director of Experian, said: "Using credit to fund a lifestyle you can`t really afford can lead to huge financial problems and if you don`t keep tight control of your spending and how much you`re borrowing, you can easily find you can`t afford the payments and start to fall behind with them."
