City dwellers ‘unaware’ of borrowing habits

The average adult living in a major UK city owes around £2,300 in short-term debt, it has been revealed.

According to the Debt Alert report, conducted by NatWest MoneySense and the Metro, the majority of city-dwellers claim they earn more than they spend.

However the figures paint a different picture, with nine in ten residents of big British cities having some form of short-term debt such as credit card or store card balances or an overdraft.

Stephen Moir of NatWest MoneySense, remarked: “While the majority seem to have a realistic plan as to how to repay their borrowing, for others, the situation can be very different.”

The report investigated the financial habits of people living in cities such as London, Manchester, Newcastle, Cardiff and Edinburgh and found that 70 per cent use credit cards.

According to the British Bankers’ Association, £30.4 billion is owed on credit cards.

© Adfero Ltd

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