Debt problems for the unrealistic

Consumers in the UK will soon come face to face with severe debt problems if they refuse to accept they don’t have a bottomless pocket of cash.

Research published in the Financial Planning Survey 2010 released this week, found 43 per cent of Brits fret about their money almost always, while 17 per cent worry about their financial situation all the time.

According to Michelle Slade of moneyfacts.co.uk, plenty of consumers still spend beyond their means despite these concerns – and the fact that prices are going up nationwide.

She says: "People tend to bury their heads in the sand and hope it will go away rather than actually dealing with the problem."

Kevin Still, Director of Atlantic Financial Management says: "There is always a temptation to over spend, especially coming up to Christmas and New Year, but the after effects can be very severe if this creates a debt spiral. Continuous spending beyond your means will result in serious debt problems and it takes a lot longer to repay debts than to get into debt!"

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