Buoyed by easy credit and inflated property prices, the British public spent itself into debt, a total of $2.49 trillion of it. The average British household now owes $102,000, including mortgages. One-third of consumer debt in all of Europe is held by people in Britain, said Chris Tapp, director of Credit Action, which counsels people about how to handle debt.
Audrey Hurren, 65, a retired secretary who was waiting for the subway in central London the other day, said that it had all been too much.
“I think it wouldn’t do any harm at all for some of the younger generation to be less greedy,” she said. “It’s not a very nice thing to say, but maybe they could behave a little more sensibly.”
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Memo from London: Recession May Bring Return of Traditional Values
Buoyed by easy credit and inflated property prices, the British public spent itself into debt, a total of $2.49 trillion of it. The average British household now owes $102,000, including mortgages. One-third of consumer debt in all of Europe is held by people in Britain, said Chris Tapp, director of Credit Action, which counsels people about how to handle debt.
Audrey Hurren, 65, a retired secretary who was waiting for the subway in central London the other day, said that it had all been too much.
“I think it wouldn’t do any harm at all for some of the younger generation to be less greedy,” she said. “It’s not a very nice thing to say, but maybe they could behave a little more sensibly.”
Read it all.