Londoners are the most indebted people in the country, according to a new report. Mike Collins fishes for a few coins
London is the most indebted area of the UK, while those in the South West enjoy the least debt burden of anywhere across the country, according to research from credit monitoring service MyCallcredit.
The research, which looked at key indebtedness indicators at a regional and a town level, revealed that the residents of East London and Uxbridge are the most indebted in the UK. At the other end of the scale, people who live in Dorchester and Salisbury are the least indebted people in the country.
MyCall credit director, Alison Nicholson, says: “The Government and lenders are becoming increasingly concerned about many families’ levels of debt. Our research shows people living in East, South East and North London, as well as Liverpool, Uxbridge and Motherwell, are the most likely to be financially stretched.”
She continues: “From a lender’s point of view this information helps them identify those customers who are more prone to financial difficulty based on their location. They can then add this to the information they already know and this can be shared amongst lenders to make responsible decisions.”
Financial adviser Martin Cunningham reckons that the survey is very useful. “We are constantly told about the £1 trillion debt mountain in this country,” he says, “but to have it presented geographically helps to identify the hot spots.
“If I was setting up as an adviser now, for example, I might make a beeline for Dorchester or Salisbury, as these are the least indebted towns in the country according to the research.”