Young people in the UK are borrowing increasing sums to cover basic living costs, according to Andrew the Bank of England, CEO of the country's Financial Conduct Authority. Lenders and consumers need to be aware that interest rates could rise and that credit needs to be “affordable”, said the Bank of England. "There has been a clear shift in the generational pattern of wealth and income, and that translates into a greater indebtedness at a younger age”, he said. Consumer debt, excluding mortgages, is now over £200bn ($263bn) in the UK, according to Bailey.
Young people in the UK are borrowing increasing sums to cover basic living costs, according to Andrew Bailey, CEO of the country's Financial Conduct Authority. Lenders and consumers need to be aware that interest rates could rise and that credit needs to be “affordable”, said Bailey. "There has been a clear shift in the generational pattern of wealth and income, and that translates into a greater indebtedness at a younger age”, he said. Consumer debt, excluding mortgages, is now over £200bn ($263bn) in the UK, according to the Bank of England.