Debt help may be required if people do not change attitudes

Britons need to learn the lessons of the credit crunch to make sure they do not end up with financial problems in the future, which could leave them needing debt help.

Research by YouGov recently finding out consumers in the country are wasting millions every day, only 35 per cent of individuals comparing credit card rates before purchasing and 67 per cent of women have bought clothes or shoes and never worn them.

John Miles, business development director at Gocompare.com, noted people have cut out the “frothier spending” they used to take part in. It comes after his company recently discovered 38 per cent are now making packed lunches for work to save money and 32 per cent are using discount stores for groceries.

“The reality is that every household will have its own set of priorities, from wanting to pay down debts to just trying to make ends meet,” Mr Miles stated. He noted conditions have not been favourable to individuals looking to try and put money away.

Many people may be concerned by the financial position and could consider debt consolidation methods in order to escape their problems. Mr Miles stated individuals were having problems because of “record low interest rates, a lack of faith in the banking and financial sector and a general feeling of uncertainty”.

The specialist has called on more Brits to be savvy when it comes to finance and believes there needs to be a cultural change in order to facilitate a boom in consumers setting income aside.

The Daily Mirror recently reported an increase in famillies paying off credit cards.

By Amy White