Bling ‘brings Britons to brink of bankruptcy’
An obsession with the latest fashion has left many young people in Britain spending too much and getting themselves into debt as a result, it has been suggested.
Personal finance writer Cliff D'Arcy said a survey by UK mobile banking network Monilink had shown a quarter of young people aged between 16 and 34 revealing that they actively competed in the fashion stakes with their friends, a phenomenon it termed bling-itis.
He observed: "Two-thirds of these young people have admitted that they are still trying to clear credit card debts that they built up two years ago. This 'Bling-itis' is edging them towards bankruptcy."
The fact that some would take loans or card debt to service this approach was revealed by details in the survey such as 56 per cent believing people are judged on their appearance and possessions, that 22 per cent had built up so much debt they found repayments difficult and 21 per cent stating they would rather spend their money on treating themselves than saving it.
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