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Brits starting to avoid debt problems?

Brits starting to avoid debt problems?

- Monday, 17 January 2011

Fewer people may need to seek out debt advice in the future as consumers are becoming more reluctant to take on debt.

Such is the opinion of Annie Shaw, editor of cashquestions.com, who also stated that the older generation are the least likely to accrue debt problems because of the way they were brought up.

She said: "I think we are going to become far more debt adverse. It is going to take a long time to shake out this thing because we all do have so much debt and it builds up so fast.

"There has been a wake-up call here and people are going to be reluctant to take on so much debt because they want to know how they are going to pay it off."

Therefore, there may be less people needing a debt solution in the future, although Ms Shaw believes that the younger generation could need debt help.

That is because those in the younger generation think it is normal to borrow and purchase items on credit cards, she added.

According to Scottish Provident's Financial Safety Net report, Britons only see themselves in serious money problems when they are over £15,837 in debt.
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