Spike in debt relief may be on the horizon, says candidmoney.com expert

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Spike in debt relief may be on the horizon, says candidmoney.com expert

Tue 16th Nov 2010

A source from candidmoney.com has suggested a few increases to the base rate could result in a lot of people needing debt relief.

Justin Modray, a spokesperson for the financial advice website, explained that a "buy now pay later" culture has emerged in the past 15 years.

In his opinion, the effect of consumers and the government building up unsustainable levels of debt is now hitting home.

Although most people will be able to cope with their outgoings during this period of low mortgage interest rates, he warned that a series of rises to the base rate could spell disaster.

Mr Modray predicted that an "entire generation" may need to learn to be thrifty in order to dig themselves out of the situation.

"Too many people have got themselves into too much debt in pursuit of a lifestyle they can't necessarily afford," he remarked.

Recent research by Bright Grey indicated 82 per cent of Brits have not changed their spending habits over the past year.

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