Consumers expect debt problems
03/12/2010Around a third of UK consumers expect their financial wellbeing to suffer within the next six months, according to insolvency trade body R3.
A survey by the organisation also finds many Brits struggle to make their money last until payday – with people typically running out of money on the 19th day of the month.
Four in ten people reported feeling worried about their current debt problems, with 38 per cent regularly not making it until payday.
Credit card repayments and spending on luxury goods are usually cited as the major debt reasons for this.
Kevin Still, Director of Atlantic Financial Management says: "A gap of roughly a week in your monthly cashflow, where you have no money in the bank, can have serious long-term consequences especially if you have historically used credit card debt to plug this gap. Once the available credit on the card reduces to level that it can’t plug the gap and the debt repayments represent a major cost each month then you have a debt spiral. Taking debt advice before you consider using short-term finance like a payday loan is essential."
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