Tuesday 1st of March 2011
Many people in Britain appear to be failing to keep on top of their finances, new research has suggested.
And for those whose debts have mounted to more than £15,000, seeking individual voluntary answers could be one way for them to get their money situation back on track.
Carried out by moneysupermarket.com, the study showed around five million Brits are permanently overdrawn, while more than 18 million have tumbled into the red in the last 12 months.
Head of banking at the price comparison site Kevin Mountford said it is no surprise to see so many people making use of their overdraft facilities.
"The recent rises in the cost of living have made the habit of living in the red even harder to break for many consumers," the industry expert added.
Associate director of Credit Action Joanna Parsley recently suggested the savings culture in Britain has decreased and many people do not feel they have the resources to add significant amounts to their coffers.
By Rachel Powell
