The UK attitude toward debt has received a major shift over the past few years. Where once the UK was seen as a nation that held up thrift as being virtue and considered debt a vice, it has now changed to owing £1.3 trillion on mortgages, credit cards and other loans. The main cause of this growth in debt is the British obsession with house ownership, making up 80% of the borrowing. Figures for the number of repossession orders granted in the first three months of 2005 have reached nearly 26,000, which is the highest figure since 1995.The Consumer Credit Counselling Service (CCCS) reports that calls from people worried about debt have been increased by 50% compared with last year.
