- Tuesday, 14 July 2009The average Briton pays £145,111 in loan and credit card repayments during their lifetime, according to Confused.com.
People's dependence on credit could lead to a large proportion of the population spending their way into debt management needs, including bankruptcy alternatives such as
individual voluntary agreements (IVAs).
Furthermore, 55 per cent of people admitted they are struggling to cope financially, with 17 per cent saying they "bury their heads in the sand" when it comes to facing up to their debt problems.
Gareth Kloet from the comparison website said that people did not need to alter their lifestyles in order to save money; they need only be a little savvier with their bills.
He said: "Saving money on the regular bills you have to pay can mean not having to cut back on the fun things you enjoy."
Confused.com data indicates that the average UK household pays nearly £1 million towards bills in a lifetime.
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
| |
Money Debt and Credit Ltd, Registered in England & Wales No.05588842.
Registered Office: 45 Clarendon Road, Watford WD17 1SZ
Consumer Credit Licence Number: 0580960