People with debt problems are more prepared to cut their children’s activities than to give up smoking, reveals a survey from ClearDebt, the Manchester based debt advisory and IVA arranging company, which also shows that four out of ten debtors don’t talk to anyone else about their money problems.
The survey 0f 309 individuals, published today, 21 November, shows that 48% of smokers regard their habit as sacrosanct and only 18% are prepared to give up, whilst 72% of parents are prepared to cut back on their children’s activities to save money.

ClearDebt’s survey showed that 40% of people with debt problems would tell no-one their worries. Only 4% would tell their parents and six out of ten would not confess their debts to their partner.

The top five items people would not cut back on were:

Second Holiday 53%
Smoking 48%
2nd car 47%
Ready meals 45%
Satellite TV 45%

The top five items people would reduce spending on were:

2nd car 16%
Reduce smoking 13%
Satellite TV 8%
Child’s activities 8%
Holiday abroad 8%

Commenting, ClearDebt marketing director, Andrew Smith, said:

“It seems sad that a person with a twenty-a-day habit, who could save around £2,000 a year by stopping smoking, would rather cut back on their children’s ballet lessons or football club.

“But, the real story here is that people in debt really don’t want to cut back on any of their luxuries if they can help it – or maybe just that things considered luxuries a few years ago are now considered essentials”.

-ends-

For further information please contact:

ClearDebt:
Andrew Smith 01234 825826 (mob: 07971 272 483) email: Andrew.smith@cleardebt.co.uk

College Hill Associates:
Paddy Blewer – 020 7457 2020 (mob: 07765250857) e-mail: Paddy.blewer@collegehill.com

Note for Editors:

ClearDebt is the newest entrant to the Individual Voluntary Arrangement (IVA) market.

ClearDebt aims to provide the most transparent and ethical service to debtors, at the lowest cost – giving many more people the opportunity to arrange an IVA than has been possible before. All customer-facing staff have been specifically trained in IVA provisions and all have insolvency practice experience: we are not a call centre, nor do we employ call centre type operatives.

ClearDebt’s principles include providing best debt advice wherever possible to all debtors: Where the facts indicate an IVA is the right solution we will provide advice and support – but never pressure – to the debtor. Where the facts indicate other solutions we’ll point the debtor in the right direction.