- 14
- May
The majority of Britons regularly overspend, new figures indicate.
According to research conducted by CreditExpert, some 80 per cent of consumers spend beyond their means, indicating they could be struggling with debt management.
Meanwhile, some ten per cent were reported to have missed repayments on personal Loans, mortgages or credit and store cards.
Managing director Jim Hodgkins said: "What this research seems to expose is a serious lack of understanding of the long-term consequences of these actions and how it can affect your credit rating - ultimately impacting your financial future."
"We feel it’s imperative that people fully realise the implications of not managing their finances properly."
The study also revealed that about a quarter of Britons struggle to control their spending and claim that financial matters are often difficult to understand.
Last week, Jon Bartman from Money, Debt and Credit claimed that Britain is facing a "debt epidemic" as consumers have increasingly struggled to make personal loan repayments over the last ten years.
Interfinancial providing you with breaking finance news.
