More debt relief likely, predicts Moneyfacts.co.uk expert

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More debt relief likely, predicts Moneyfacts.co.uk expert

Tue 23rd Nov 2010

A source from Moneyfacts.co.uk has predicted more debt problems on the horizon in the UK and highlighted several contributing factors.

Michelle Slade, a spokeswoman for the independent financial advice website, pointed out that there are a lot of people losing their jobs or being asked to work reduced hours.

However, she suggested another reason why individuals are getting into trouble is because they try to maintain a certain lifestyle, even if they can no longer afford it due to rising costs.

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

She urged the public to budget and work out where they can make savings in their everyday lives, such as choosing not to buy a coffee every morning.

This week, the Institute of Financial Planning and National Savings and Investments published its Financial Planning Survey 2010, which showed 17 per cent of people worry about money all the time.

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