Thursday 2nd of December 2010
Brits who are using credit cards to meet debt repayments may decide to start asking individual voluntary arrangement questions if they find they are deep in the red and are unable to balance their finances.
Richard Sorsky, a money advice co-ordinator at the UK InsolvencyHelpline.co.uk, said the culture among today's society is that individuals feel they must have a plastic product.
Previous generations regarded the financial product as a luxury, but people are now using them for everyday purchases, he noted.
"They are even paying their mortgage with it and paying off other debts with it," Mr Sorsky added.
He observed that Brits are no longer saving because it has become too expensive to do so, as individuals are now shelling out a greater amount of finance on travel and everyday living expenses.
According to research carried out by HSBC, women are more likely to be worried than men when it comes to how they feel about their financial situation, but are less likely to change their monetary habits to counter the situation.
By Hayley Jones
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