The term ‘homeowner’ is often a misnomer. For many owning a home is really about managing a huge debt. The way in which language is used is misleading, especially within the realms of the financial services world – ‘credit’ usually means ‘debt’. Mortgage means debt. And for many people debt equals worry.
Britain is fast-becoming a debt-laden society, which means that people are seriously constrained in their life choices. If there is a commitment to debt then this impacts on what jobs people can do, the hours people need to work, time spent with their families and so on. Debt in Britain is reaching alarming levels, with the current figures of debt secured on homes being around £1.2 trillion.
Unsecured debt in Britain is about twice the average in Europe. Far from being a nation of homeowners, Britain is fast becoming a nation of debtors.
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