A report from Datamonitor has revealed that the UK is the most indebted nation in all of Western Europe. All of one third of unsecured debt in Western Europe is because of the UK.
According to a statement from Datamonitor, the UK consumer credit market reached £215bn in 2005 but is now â€œreaching saturation point.â€ Datamonitor is advising UK leaders to look for business opportunities overseas.
Although the consumer credit market in the UK has been growing in recent years, it will continue to grow at a slower rate than countries like France, Ireland and Spain.
According to Datamonitor Turkey and Greece are the fastest growing markets in Western Europes. Paul Marsh, Financial Services Analyst at Datamonitor, said in a statement: These markets are where the real opportunities exist, but only for players brave enough to enter.
Marsh was also the author of the Datamonitor report.