Brits spent far too much last year
February 4, 2008
According to a recent report Brits are becoming spendaholics, with many spending truckloads of money on unnecessary items, and some spending more than they earn, which is adding to the nation’s ever-growing mountain of debt. Over five million consumers are said to have spent more than they earned last year, and many have had to rely on finance such as credit cards and overdraft to keep them going until they get paid again.
According to the results of a national survey by uswitch.com more and more people are spending frivolously, leading to spiralling debt levels. Debt repayments have doubled over the past ten years, as has our use of credit cards, all pointing towards the fact that the nation has become reliant on credit and has learned to adopt a culture of living a champagne lifestyle on beer money.
An official from uswitch.com stated: ‘Britain is suffering from a bad case of affluenza. We are caught in the grip of a spiral of conspicuous consumption where it’s no longer enough to keep up with the Joneses, but instead we want to live like our favourite celebrities. ‘But it’s clear that our salaries can’t keep up with our “Hello” lifestyles. The shock reports from the high street are the first signal that this trend is changing and, with the credit crunch beginning to bite, consumers need to start paying serious attention to their spending habits.’
She also added: ‘The disastrous December sales figures show that consumers have started reigning in their spending. But the shock report barely scratches the surface of the problems facing consumers this year. Now is the time for a financial makeover and for everyone to take a long, hard look at their budget.’
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