Big spending Brits ‘need reality check’

Analysts at the centre have been consulting what they consider to be key indicators of consumer spending habits over the course of the last ten years and make clear that many households have been maintaining lifestyles beyond their financial means.

As a result, many Brits look set to struggle to avoid bankruptcy and find an appropriate debt solution, particularly as interest rate rises begin to bite, experts from the ATRC suggest.

“Debt, in particular, is becoming an ever bigger burden for many households, particularly during a period in which interest rates and the cost of servicing debt is increasing,” a statement from the research centre read.

According to figures from nationwide charity Credit Action, Britain’s total debt management mountain rises by £1 million every four minutes.