Wednesday, January 2, 2008
The culture of spending other people’s money
"Research by debt agencies in the city has revealed that the average debt of clients seeking advice on personal debt in the north-west city has now hit £50,000 per person – double the sum that was quoted in 2002 and well above the national average. All of the city's debt agencies have reported a marked increase in inquiries during the traditionally quiet Christmas period. And the figures of debt reported in Liverpool are on credit cards alone. With a growing number of the city's residents finding themselves in arrears on their mortgage payments, debt experts say they fear that house repossessions in Liverpool will soar during 2008."