負債に対する消費者の意識：英国

Abstract

As far as attitudes towards credit are concerned, there are two notable trends - a greater level of concern over the amount of debt outstanding, and a correspondingly greater emphasis on financial responsibility.

In today' s borrow-now, pay-later culture, personal loans can be seen as being too inflexible when compared to a credit card. The generally lower interest rates and the discipline that a fixed repayment schedule requires, however, should sit well with the new mood of responsible borrowing.

Table of Contents

• Issues in the Market
• Report coverage
• Key issues
• Abbreviations
• Market in Brief
• The growth of the debt mountain
• Surge in consumer credit write-offs -- nearly all unsecured debt
• Interest rate rises threaten to increase numbers of struggling consumers...
• ...but overall personal finances holding up well for the majority
• Lifestage model of personal finance under threat
• Big rise in numbers of people facing credit downgrading
• £23 billion of problem debtRecord numbers of insolvencies
• Over-indebtedness is a major aspect of government policy
• Consumer research
• Consumer Background
• Key Point Summary
• Growing debt-servicing worries as bank rate edges ever higher...
• ...but consumers show an appetite for the spending lifestyle
  • Figure 1: Second property ownership, trips abroad and growth in debt, 2002 and 2006
• The structure of the debt mountain
• Measures of indebtedness
  • Figure 2: Degree to which consumers are able to cope with bills and credit commitments, 2007
• A need to develop a sensible approach to debt
• Consumers' attitudes towards debt are changing
  • Figure 3: Agreement with selected financial lifestyle statements, 1993-2006
• Signs that consumers are looking to repay debts
  • Figure 4: Expected savings, investment and borrwing activity, 2002-07
• The distribution of debt
  • Figure 5: Percentages of households with secured and unsecured debt, 1995-2006
• Lack of financial planning adds to consumer debt woes
  • Figure 6: Actions consumers would take if they faced a drop in income, 2006
• Suppliers of debt -- sailing into choppy seas
• Macro-Economic Background
• Key Point Summary
• The growth of the debt mountain
  • Figure 7: Consumer credit outstanding and secured borrowings, 1997-2006
• Debt-to-income ratio continues to rise...
  • Figure 8: Personal disposable income (PDI), total loans outstanding, total debt/PDI, average household debt and consumer debt write-offs, 2002-06
• ...but the rate of increase appears to be slowing
  • Figure 9: 12-month growth rate of consumer lending, secured and unsecured lending, quarterly Q1 2002-Q1 2007
• From ' making-do' to falling into debt
  • Figure 10: Bank base rate and consumer confidence, 1982-2007
• Personal finances measures hold up well
  • Figure 11: Personal finances* and consumer confidence, 2002-07
• The impact of real interest rates
  • Figure 12: Real interest rates* and the growth in credit, 1997-2007
• Strong employment growth...
  • Figure 13: Employment, unemployment, full-time employees and self-employed, 1997-2007*
• ...but consumers are starting to worry
  • Figure 14: Unemployment expectations, 2001-07*
• The availability of cheap credit
  • Figure 15: Bank rate, credit card rate, SVR mortgage rate, effective mortgage rate, 1997-2006/07*
• Rates start to increase
• Financial promotion
  • Figure 16: Financial promotional spend on lending products, 2003-07
• Lifestyle Changes
• Key Point Summary
• An ' easy debt' society
• People are happier to take on debt
• Changing pressures, and changing perceptions
• The wealth effect
  • Figure 17: UK net wealth, residential property, financial assets and financial liabilities, 1997-2006*
• Funding spending through property
  • Figure 18: Housing equity withdrawal, 2002-06, seasonally adjusted
• The Current State of the Credit Sectors
• Key Point Summary
• Credit write-offs
• Consumer debt write-offs set to rise further
  • Figure 19: Mortgage and consumer credit write-offs, 2001-06
• Views from bank boardrooms
• Barclays
• RBS
• Lloyds TSB
• HBOS
• HSBC
• Unsecured debt
• Cards and personal loans the major cause of over-indebtedness
  • Figure 20: Unsecured debt as a percentage of average income and of GDP, 1995-2006
• The make-up of unsecured credit
  • Figure 21: Credit card debt and overall outstanding unsecured debt, 1995-2006
  • Figure 22: Ownership of credit card/charge card, by age and socio-economic group, 1993-2006
• Credit cards and personal loans -- main products held by people seeking debt counselling
• Older age groups increasingly at risk from debt problems
  • Figure 23: Outstanding debt, by age band and growth in outstanding debt, 2004-06
• Women on low incomes are also increasingly vulnerable to debt problems
• Renters more vulnerable
• A million debtors face court action
• Mortgage debt
• The threat of escalating mortgage debt write-offs
  • Figure 24: Mortgage debt write-offs, arrears and repossessions, 2001-06
• Possession orders at their highest since early 1990s
  • Figure 25: Mortgage possession actions, 1990-2006
• Affordability worsens...
• ...as prices continue to rise
  • Figure 26: Changes in relative affordability: All mortgagors, movers, first-time buyers, 1990-2006
• How big a burden are mortgage debts?
• Negative equity returns?
• Some 1.3 million fixed loans maturing in 2007
• Interest-only mortgages, payment holidays and term extensions
• The view from the bank
• Has the mortgage industry been too innovative and built up too much debt?
  • Figure 27: Mortgage intentions and mortgage approvals, Q3/Q4 2002- Q1/Q2 200
• Debt Management and the Rise of IVAs
• Key Points Summary
• The emergence of debt management companies
• Debt management industry is carefully monitored
• New non-fee-based bodies taking more business from indebted
• The experience of CCCS clients
  • Figure 28: Number of CCCS clients with a DMP and starting a DMP, 2004-06
• Debt consolidation companies
• Leading suppliers
• Demand for debt consolidation loans
• Sell and rent back
• IVAs and personal bankruptcies
  • Figure 29: Individual insolvencies in England and Wales, 1998-Q1 2007
• Individual Voluntary Agreements (IVAs)
• Growing hostility to IVA firms
• Personal bankruptcy
  • Figure 30: Reasons why clients decide not to pursue bankruptcy, 2006
• Profile of bankrupts
• Debt and financial stress hotspots
• The impact of recent law changes
• Extreme debt
• Efforts to Control Consumer Debt
• Key Point Summary
• Government initiatives
• Financial capability
• An increase in affordable credit
• New controls on credit licensing
• Debt advice
• How cost-effective is debt advice?
• Improvement in dispute resolution
• Consumer credit regulation, the OFT and FSA
• Treating Customers Fairly (TCF) and principles-based regulation
• The Consumer -- Credit Ownership
• Key Point Summary
• Scope of the research
• 31 million adults have a credit product
  • Figure 31: Borrowing facilities used, 2005 and 2007
• Changing borrowing patterns
• Men tend to hold more credit products
  • Figure 32: Borrowing facilities used, by gender and socio-economic group, March 2007
• Mortgage ownership concentrated among ABs
• Four fifths of under-45s are borrowers...
  • Figure 33: Borrowing facilities used, by age, March 2007
• ...and credit usage peaks among 25-34-year-olds
• Counting the cost of kids
  • Figure 34: Borrowing facilities used, by Mintel' s Special Groups and working status, March 2007
• Tracking borrowers online
• Crossing the Pennines racks up the debts
  • Figure 35: Borrowing facilities used, by TV region, March 2007
• Scots look to their overdrafts
• Financial Activity Survey suggests future growth in Northern Ireland
• The Consumer --Debt Levels
• Key Point Summary
• Average unsecured debt outstanding of £5,251
  • Figure 36: Amount of outstanding consumer credit, 2005 and 2007
• Are consumers underestimating their level of borrowing?
• More money -- more problems?
  • Figure 37: Amount of outstanding consumer credit, by gender and socio-economic group, March 2007
• Debt peaks among 45-54-year-olds
  • Figure 38: Amount of outstanding consumer credit, by age, March 2007
• Affluent -- but do they have the chance to save?
• Continued scope for debt management marketing
• Debt levels track household income
  • Figure 39: Amount of outstanding consumer credit, by household income, March 2007
• Consumer credit highest among Scots
  • Figure 40: Amount of outstanding consumer credit, by TV region, March 2007
• Average mortgage debt is £92,200
  • Figure 41: Amount of outstanding mortgage debt, March 2007
• Better informed? Or just more honest?
• First-time buyers stretching themselves
  • Figure 42: Amount of outstanding mortgage debt, by gender, age, socio-economic group and marital status, March 2007
• Mortgage debt reflects property values
  • Figure 43: Amount of outstanding mortgage debt, by Mintel' s Special Groups, household income and TV region, March 2007
• The Consumer -- Reasons for Borrowing
• Key Point Summary
• Home ownership and bringing up children head reasons for borrowing...
  • Figure 44: Reasons for borrowing money, by gender and socio-economic group, March 2007
• ...but there' s still room for ' comfort shopping'
• Under-25s admit to wasteful spending
  • Figure 45: Reasons for borrowing money, by age and marital status, March 2007
• Divorce a strain for those on moderate incomes
  • Figure 46: Reasons for borrowing money, by household income, March 2007
• Londoners look for mortgages, not car loans
  • Figure 47: Reasons for borrowing money, by region, March 2007
• Only around a half of borrowers are borrowing to fund asset acquisition or self-improvement
  • Figure 48: Borrower typologies, March 2007
• The Consumer -- Is Debt a Concern?
• Key Point Summary
• Some 4.4 million people worried about their debts
  • Figure 49: Attitudes towards current and future borrowing, 2005 and 2007
• Younger people face mounting debt problems
  • Figure 50: Attitudes towards current and future borrowing, by gender, age and socio-economic group, March 2007
• Singles struggling to keep up
  • Figure 51: Attitudes towards current and future borrowing, by commercial TV viewing and marital status, March 2007
• Daytime debt advertising hitting the mark?
• Higher debts, but fewer worries
  • Figure 52: Attitudes towards current and future borrowing, by working status, household income, household tenure and TV region, March 2007
• Property, security and debt concerns
• Cards, not mortgages, the key area for concern
  • Figure 53: Attitudes towards current and future borrowing, by type of credit held, March 2007
• First time buyers struggling?
  • Figure 54: Attitudes towards current and future borrowing, by level of mortgage debt, March 2007
• A third of heavy debtors worried about their borrowing
  • Figure 55: Attitudes towards current and future borrowing, by level of non-mortgage debt, March 2007
• Future Trends
• Key Point Summary
• Economic developments
• Interest rate expectations are increasing...
• ...bolstered by inflation fears
• 25-30% of mortgage holders set to struggle at 5.75% bank rate
• A sharp rise in interest rates is a threat to the housing market...
• ...but demand for home equity withdrawal will continue
• Potential for yet higher levels of problem borrowing
• Changing structure of credit markets will accelerate
• On the positive side the jobs outlook is improving
• Debt complaints are set to become more centre-stage
  • Figure 68: Number of credit-related complaints made to Financial Ombudsman Service, 2005 and 2006
• Specialist debt companies: a growth industry
• Spread of broadband and mobile telephony add to difficulties of controlling debt
• Attitudes towards debt: vital to improve consumer education
• Appendix
• Consumer research -- detailed demographics
• Type of borrowing facility used
  • Figure 69: Borrowing facilities used, by gender and socio-economic group, March 2007
  • Figure 70: Borrowing facilities used, by age, March 2007
  • Figure 71: Borrowing facilities used, by marital status and lifestage, March 2007
  • Figure 72: Borrowing facilities used, by Special Groups and working status, March 2007
  • Figure 73: Borrowing facilities used, by TV region, March 2007
  • Figure 74: Borrowing facilities used, by technology usage and newspaper readership, March 2007
  • Figure 75: Borrowing facilities used, by commercial TV viewing and supermarket usage, March 2007
• Level of non-mortgage debt
  • Figure 76: Amount of outstanding consumer credit, by gender and socio-economic group, March 2007
  • Figure 77: Amount of outstanding consumer credit, by age, March 2007
  • Figure 78: Amount of outstanding consumer credit, by marital status and lifestage, March 2007
  • Figure 79: Amount of outstanding consumer credit, by Special Groups and working status, March 2007
  • Figure 80: Amount of outstanding consumer credit, by household income, March 2007
  • Figure 81: Amount of outstanding consumer credit, by TV region, March 2007
  • Figure 82: Amount of outstanding consumer credit, by technology usage and newspaper readership, March 2007
  • Figure 83: Amount of outstanding consumer credit, by commercial TV viewing and supermarket usage, March 2007
• Level of mortgage debt
  • Figure 84: Amount of outstanding mortgage debt, by gender, age, socio-economic group and marital status, March 2007
  • Figure 85: Amount of outstanding mortgage debt, by Special Groups, household income and TV region, March 2007
  • Figure 86: Amount of outstanding mortgage debt, by technology, media and supermarket usage, March 2007
• Reasons for borrowing money
  • Figure 87: Reasons for borrowing money, by gender and socio-economic group, March 2007
  • Figure 88: Reasons for borrowing money, by age and marital status, March 2007
  • Figure 89: Reasons for borrowing money, by age and marital status, March 2007
  • Figure 90: Reasons for borrowing money, by lifestage and Special Groups, March 2007
  • Figure 91: Reasons for borrowing money, by household income, March 2007
  • Figure 92: Reasons for borrowing money, by region, March 2007
  • Figure 93: Reasons for borrowing money, technology and media usage, March 2007
  • Figure 94: Reasons for borrowing money, by supermarket usage, March 2007
• Attitudes towards current and future borrowing
  • Figure 95: Attitudes to current and future borrowing, by gender, age and socio-economic group, March 2007
• Agreement with debt-related statements
  • Figure 96: Agreement with the statement "It' s too easy to get into debt these days", March 2007
  • Figure 97: Agreement with the statement "I have rainy day savings to cover for unexpected expenses", March 2007
  • Figure 98: Debt consolidation among mortgage holders, by gender, age, socio-economic group and marital status, March 2007
  • Figure 99: Agreement with the statement "The idea of combining all my debt into one loan repayment appeals to me", by gender, age, socio-economic group and marital status, March 2007
  • Figure 100: Agreement with the statement "Being in debt doesn' t really worry me", by gender, age and socio-economic status, March 2007
  • Figure 101: Agreement with the statement "I would consider bankruptcy or taking out an IVA if my situation becomes serious enough", by demographic group, March 2007
  • Figure 102: Agreement with debt-related statements, by level of mortgage debt, March 2007
  • Figure 103: Agreement with debt consolidation/management statements, by level of mortgage debt, March 2007
  • Figure 104: Agreement with debt-related statements, by level of non-mortgage debt, March 2007
  • Figure 105: Agreement with debt consolidation/management statements, by level of non-mortgage debt, March 2007
• Attitudes towards debt and borrowing
  • Figure 106: Attitudes towards debt and borrowing, March 2007
  • Figure 107: Attitudes towards debt and borrowing, March 2007
  • Figure 108: Attitudes towards debt and borrowing, March 2007
  • Figure 109: Attitudes towards debt and borrowing, by Special Groups, March 2007
  • Figure 110: Attitudes towards debt and borrowing, by household income, March 2007
  • Figure 111: Attitudes towards debt and borrowing, by region, March 2007
  • Figure 112: Attitudes towards debt and borrowing, by technology and media usage, March 2007
  • Figure 113: Attitudes towards debt and borrowing, by commercial TV viewing and supermarket usage, March 2007