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Imitating Celebrity Lifestyles Costing Brits Dear
Millions of Britons are falling into debt in a bid to mimic the lifestyles adopted by their celebrities.
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January 25, 2008 (FPRC) -- London (Ask4loan) 24 January, 2008: According to a report published by one of the price comparison services, one-third of the Britons are left with empty bank accounts at the end of the month, whereas around 4.8 million adults spend more than they earn every month and a further 9 million only break even before they are paid at the end of the month. The report suggests that millions of people in the UK are falling into debt traps in an attempt to imitate the lifestyles of celebrities.
The report from Uswitch terms the phenomena as ‘spendemic’ that is leading to growing debts on credit cards and overdrafts. It also held mimicking the celebrity lifestyles as the main culprit for ever increasing national debt. The report also revealed that average spending on non-essential items like jewellery, holidays and restaurants in the last one decade had shot upwards by two-third, from £524 to £865 every month. As a result, debt repayments have increased by 104% to £356 a month since 1997.
Ann Robinson of Uswitch, explaining the spending phenomenon, said: “We are caught in a spiral of conspicuous consumption. It is no longer enough to keep up with the Joneses. Instead, we want to live like our favorites celebrities. But, it is clear our salaries cannot keep up with our Hello! Magazine lifestyles.” Personal loans have become a sort of second financial support that everyone needs these days besides salary.
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