Managing debt 'priority for some'
Managing debt 'priority for some'
- Tuesday, 2 November 2010Some consumers have become increasingly concerned with managing their
debt problems meaning that they have not saved adequately to combat a rise in living costs.
That is according to Jonathan Davis, economist and wealth manager at Jonathan Davis Wealth Management, a financial advice service.
"Put it on the plastic is all we used to hear. It's been less about saving and more about managing debt - which of course has not been managed," Mr Davis said.
This suggests that some consumers have resorted to borrowing on a credit card in order to clear their debt.
New research by Datamonitior, which was released on November 1st, showed that the amount of money Brits spend on living costs will continue to rise and account for a quarter of the average income by 2014.
This could mean that families struggle even more with their finances and could lead them into
debt problems unless they save and manage their money efficiently.
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