New research from Moneysupermarket.com has shown that a quarter of the UK population has average debts of £13,000 as they seek to live up to their middle class societies. With as many as 6 million supposedly middle class Brits earning just £15,000, many are struggle to keep up with those around them with the middle class earning £33,000 each on average. Given that the average earnings of a working class person is £23,000, it is unsurprising that those earning less than half of the middle class average are struggle to keep up appearances.
Consequently, millions of people are turning to unsecured loans, with 2.7 million Brits taking out a total of £35 billion in unsecured loans or credit card debt . Despite this, consumer areas in supposedly middle class areas remains high, with the British Retail Consortium revealing that sales in London shops were up by 2 per cent in March on the previous year.
Middle Class Brits Taking Out Loans to Maintain Appearances
Middle Class Brits Taking Out Loans to Maintain Appearances
Tue, 22 Apr 2008
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