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ADDIDI warns of 'debt lifestyle'

Britons are living a "debt lifestyle", wealth management service ADDIDI has suggested.

The concerns were expressed by the firm's director, Anna Sofat, who pointed out that many loan rates have been adversely affected by the credit crunch.

Lending conditions on the global money markets have become much tougher as a result of the ongoing financial crisis - and this has had a knock-on effect on high street borrowing.

Mortgages and personal loans have both become more costly - hitting personal finances hard.

A recent YouGov poll, published in the Daily Telegraph yesterday, found that 56 per cent of Britons are finding it "harder to make ends meet" compared with a year ago.

Ms Sofat commented: "I think we have been [a debt-ridden society], we’ve been living on perhaps a large percentage of debt and we have something of a lifestyle, to some extent, of debt and that can't be cheated for ever and a day.

"Rates might only have crept up a couple of percent on two years ago but that ' s quite a lot and where there’s been a real increase has actually been on mortgages, personal loans and secured loans."

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