Borrowing money has become a common feature of 21st century British life and while some consumers are able to control their spending, many others find themselves in a cycle of debt that is difficult to stop, Tim Moss from Moneysupermarket.com has suggested.
“Whereas 40 years ago, being in the red was considered a last resort, it seems many of today’s Britons are much more accustomed to taking on debt – although actually being able to control it is another thing,” the personal finance expert commented.
“Debt has certainly become the common curse of modern times,” he added.
Mr Moss’ comments come after both the Consumer Credit Counselling Service and Citizens Advice revealed that their staff are dealing with ever more requests for debt advice.
Meanwhile, accountancy firm KPMG anticipates that more than 130,000 consumers in the UK will enter an Individual Voluntary Arrangement over the course of this year.