Brits have underestimated the need to manage their debts and make savings for the future. The recent UK spending culture and attitude towards credit has left Brits with mounting debts from credit card purchases and other forms of unsecured credit.
This is the view of economist and wealth manager Jonathan Davis of Jonathan Davis Wealth Management. Mr. Davis said: “People have focused almost entirely on the assumption that property will see them OK, those who believe their homes will provide a financial safeguard are wrong”.
Recent Datamonitor research shows that 25 per cent of income is spent on bills and mortgage payments, this results in reduced levels of spending across other areas because basic living costs have risen over the last 2 years. The end result is less money to spend on what many would class as essential items like clothing and shoes.
Craig Gedey Marketing Manager at award winning debt Management Company www.debtadvisoryline.co.uk said: “Spending on unsecured credit as a short term way of funding day to day living is a recipe for financial disaster.”
“Anyone doing this thinking that the can rely on their property as a ‘safeguard’ is eating away at any equity they may have in their property. Essentially making mortgage repayments is then offset by the mounting level of unsecured credit spending each month.”
“If you find yourself in this situation please speak to a professional debt adviser as soon as possible. Mounting unsecured debts should not be ignored, at debt advisory line we understand how stressful debts can be, we help people repay their debts at an affordable monthly repayment level. On average our customers reduce their debt repayments by 49 per cent.”
Visit www.debtadvisoryline.co.uk today for more details or call us and speak to a professional debt adviser on 0800 157 7254.