According to new research by the insolvency trade body R3, 42 per cent of adults in the UK struggle every month to make their money last until payday. On average money begins to run short around the 20th day of the month.
Steven Law, President at R3 said: “Over the course of the last decade, personal insolvencies have increased by 350% and it is very worrying that over 40% of the British population is finding it a struggle financially to get through the month. This is a huge stress in itself and factors such as inflation associated with basic living costs and potential rises in interest rates will not make this monthly struggle any easier.
“Our addiction to credit cards is still out of control, despite the recession and a ‘tightening up’ of lending criteria.
There needs to be a cultural shift in consumer attitude to debt. For too long we have got used to the idea that this is money we are entitled to. Using a credit card is just delaying the inevitable day of payback – the sooner this is tackled and professional advice sought, the smaller the final bill will be for individuals.”
Craig Gedey Marketing Manager at Award Winning Debt Management Company, Debt Advisory Line said: “Running out of money for essential everyday purchases should not be accepted by anyone.”
“Managing priority debts by calculating how much you need to live and then how much you can afford to repay towards your debts is the best way to solve this problem.”
“At Debt Advisory Line we’ve helped thousands of people manage their debts, we negotiate with creditors to provide debt management solutions based on each individual circumstance.”
“Visit our web site www.DebtAdvisoryLine.co.uk today for more information.”