Borrowing can be risky business

GROWING concerns that Irish people are sliding ever deeper into debt have been reinforced by the latest survey which paints a worrying picture of families coming under ever-increasing strain because they are borrowing too much.

Seemingly, people are borrowing more and using their credit cards to fund changing lifestyles. Surprisingly, the surveyit found Government SSIA schemes had not hugely influenced borrowing levels, despite the anticipation of a bonanza when a million account holders reap lump sums of up to E20,000 tax free as investments mature over the next two years.

The stark reality, as outlined in the ESRI/IIB survey, is that one in every three people in the country is now regularly in debt.