Debt risk from lack of planning

Not having a spending plan can lead you into a debt spiral of thousands of pounds, according to new research.

The survey, from First Direct, found that time poor Britons are well on the way to becoming cash poor too, as they waste more than £2,000 (£2,256) each year as a result of not planning their expenditure.

The survey found that seven-in-ten (71 per cent) adults risked suffering from debt problems by throwing money away by doing things like buying air and rail tickets on the day or not shopping around for the cheapest deals on groceries.

Experts have said that inability to plan ahead could lead to many Britons seeking debt help and debt solutions, such as a Debt Management Plan (DMP) or Individual Voluntary Arrangement (IVA).

Richard Brown from bank remarks that "with rising inflation and VAT set to rise in January, it is more important than ever that people take advantage of potential savings."

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