- Wednesday, 14 April 2010Individual voluntary arrangements (
IVAs) and
debt management plans could be required for the overwhelming number of Brits spending in spite of the economic situation.
New research from the Payments Council demonstrates that Britons are spending freely on their cards.
The average Brit today spends two and a half times more money on having fun than they did a decade ago.
In real terms, that adds up to more than £75 billion a year.
The study also found that as a nation we spent £53 billion in pubs and restaurants alone in 2009.
Worryingly, much of the money being spent is acquired through easy access to credit. For many people, a change in circumstances, such as redundancy or the birth of another child, could leave their budget overstretched and themselves in need of debt
IVA or
bankruptcy advice.
The Daily Mail reports that many psychologists believe that people are more willing to part with their money when using credit and debit cards than they are to hand over paper money.
This could go some way towards explaining the record levels of personal debt and
bankruptcy that have been seen over the course of the last decade.
Recent IVA News23% of first-time buyers save for five years to raise a depositWed, 04 May 2011
Brits dealing with Finance Management should shop around for car insurance Wed, 04 May 2011
Parents, including those with Finance Management, advised to start saving for children's weddingsTue, 03 May 2011
Newlyweds may be in need of Finance Management plans after overspending on weddingTue, 03 May 2011
Renting rather than buying may be an option for Brits with Finance Management Thu, 28 Apr 2011
Consumers coping with Finance Management may want to shop around for cheap energy tariffsWed, 27 Apr 2011
Increasing number of Brits turning to loans for home improvementsWed, 27 Apr 2011
Brits, including those with Finance Management plans, to spend £267 on Royal Wedding Tue, 26 Apr 2011
Equity release can be used to 'become debt-free'Tue, 26 Apr 2011
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