Rising living expenses are driving this trend.
This article cites findings from a study conducted by Swedish credit management firm, Intrum, which revealed that the rising costs of living is driving a borrowing trend among consumers in Europe. 24,000 respondents across 24 European countries were surveyed.
The report states that for 45% of European consumers, bills are rising at a faster rate than incomes. Further, 24% of the respondents have had to borrow money or hit their credit card limits to pay bills.
Easier access to faster credit, social media pressure and online shopping were among the reasons identified as the ones driving borrowing tendencies. Additionally, the study saw 37% of people aged 18-21 failing at matching basic financial terms to their correct definitions.
[2 minute read]