Monday 15th of November 2010
Brits who have built up a mountain of debt as a result of funding a lifestyle they could not afford may benefit from asking individual voluntary arrangement questions.
Justin Modray from candidmoney.com said too many individuals are now deep in the red because of a buy-now, pay-later mentality that has existed over the past 15 years.
He stated more people are now starting to realise they cannot continue with their spending pattern and are becoming more cautious with their finances.
"Debt will remain a problem for many years yet and I fear a whole generation will need to learn the concept of thrift," he added.
Last week, Bright Grey revealed five million UK adults have no idea how much cash they are paying out in relation to how much they are earning.
The study found seven million Brits are living beyond their means, while four-fifths of the population have not adapted their spending habits over the past 12 months.
By Rachel Powell
