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Some consumers just 'bury their heads in the sand' regarding debt problems

Some consumers just 'bury their heads in the sand' regarding debt problems

- Tuesday, 23 November 2010

Some consumers just bury their head in the sand when it comes to their finances, which could see them needing debt help in the future.

According to Michelle Slade, spokeswoman for moneyfacts.co.uk, many people are still spending the same amount of money despite prices going up.

She said: "Despite the fact that costs have gone up, a lot of people seem to think that they can still have the lifestyle that maybe they have had previously. They are trying to keep up with friends and family with higher salaries, et cetera.

"People tend to bury their heads in the sand and hope it will go away rather than actually dealing with the problem."

Some of the ways in which people can stay in control of their finances, and possibly avoid debt problems, include writing down their outgoings and comparing them to their income.

They may also like to switch to a zero per cent interest credit card, Ms Slade recommended.

She made these comments following the release of the Financial Planning Survey 2010, which found that 43 per cent of Brits worry about money most of the time, while 17 per cent are concerned at all times.
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