Brits' banks break under weight of celeb spending

Mozo

Friday 17 October 2008

A desire to get the latest celebrity look has left many Brits bank account balances looking less than healthy, one expert has pointed out.

Dave Chapman, rep for Citizens Advice, has slammed UK banks for doling out cheap credit cards and low-interest personal loans to members of the public who were simply unable to repay them.

He told the Argus that this irresponsible lending has led to a celebrity spending culture that has left many people’s finances in tatters.

In some cases, Chapman claimed that some people had racked up credit card and personal loan debts in excess of £250,000 ($636,000).

“We are now seeing the casualties of this crisis, those people who have lost their jobs, sometimes without payment of salaries,” he said.

And while Brits may feel particularly hard hit, money expert Savanth Sebastian has told news.com.au that many Aussies may soon be feeling the pressure of imprudent credit card spending as the financial crisis continues.ADNFCR-1761-ID-18831913-ADNFCR

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