The days of frivolous spending that have marked the past decade across Britain are coming to an end, according to the assessment of one personal finance expert.
Millions of people are already struggling with their respective debt management burdens, but the future for the finances of a typical UK consumer is likely to be more difficult, David Kuo from Fool.co.uk has claimed.
In addition, the price comparison firm’s finance expert has suggested that for many people the debt management problems they are likely to face have been the result of poor decision-making over recent years.
“As much as a recession is very harsh I think it is a symptom of all the wrongdoings we have actually had over the last ten years,” Mr Kuo remarked.
“I think that people are slowly realising that ten years of frivolous spending is finally coming to an end and people do need to wake up a little.”
Data compiled by the KPMG accountancy firm recently showed that December of last year saw the average salaries in the UK rise more slowly than at any time over the previous 20 months.