Monday 8th of November 2010
Those people who are struggling to afford items at the moment are unlikely to be able to pay for them in the new year, it has been noted.
This may lead some consumers to seek individual voluntary arrangement answers in order to wipe out their debts and obtain a clean financial slate.
Mark Bower, managing director at moneymaxim.co.uk, said a reduction in take-home pay and an increase in taxes have led more people to adjust their expenditure as they no longer have as much disposable income.
"From what customers are telling us there are likely to be fewer big ticket purchases this year, maybe suggesting the chancellor's words are being heeded," he added.
Last week, Jonathan Davis, economist and wealth manager at Jonathan Davis Wealth Management, observed Brits are now looking to start saving after the debt culture that has existed over the past decade has finally caught up with them.
By Rachel Powell
- Debt consolidation loans falling, figures show
- Britons 'changing attitudes' towards debt management
- Homeowners 'more concerned with debt management'
- Low interest rate 'contributing to debt management efforts'
- Debt management growing in importance, survey finds
- Mortgage lenders charging "extortionate" rates
