Savvy consumers suffer fewer debt problems

The debt problems caused by the mis-selling of financial products, such as payment protection insurance (PPI), should hopefully be causing fewer debt reasons to British consumers in the future.

Following comments made by Financial Services Authority chief, Hector Sants, that mis-selling costs UK residents £500 million a year - Bloomsbury Financial Planning says things should get better.

Partner at the firm, Jason Butler says: "I think we are moving in the right direction.

We have to hope that awareness is being raised in the low to middle income group which is where a lot of the problems are."

He thinks the issue lies in businesses arranging their strategies around products and services which do not have their clients debt problems in mind.

Debt experts have warned that unsuitable financial products could lead to consumers needing debt solutions, such as a Debt Management Plan (DMP) or IVA.

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