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Latest News
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'Debt lifestyle' causing Brits to struggle
Debt in the UK has become so common that it is "something of a lifestyle", according to one expert.
Everyone is "feeling the pinch" of the credit crunch, Anna Sofat, director of ADDIDI Wealth has claimed; however this is symptomatic of wider debt problems throughout the UK, she added.
People are feeling more pessimistic about money as a result of the ongoing economic slowdown, meaning that they are being less free with their money, she stated. Yet, this may be partly due to people's reliance on debt.
"I think we have been [a debt-ridden society], we've been living on perhaps a large percentage of debt and we have something of a lifestyle, to some extent, of debt and that can't be cheated for ever and a day," she said.
The days of achieving cheap loans may be over, she added.
Some 56 per cent of people find it harder to make ends meet now compared to this time last year, according to a YouGov survey published in the Telegraph.
People struggling with debt may consider a consolidation loan.
See how much you could save with a consolidation loan from Lombard Direct.
© Adfero Ltd
27/03/2008 13:03:13
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