R3 says 1 in 10 regularly need debt relief before payday
www.moneynews.co.uk > Debt > R3 says 1 in 10 regularly need debt relief before payday
Topics |
|
|
|
 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Features |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money News |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
R3 says 1 in 10 regularly need debt relief before payday
Tue 21st Sep 2010
|
|
|
|
President of the organisation Steven Law claimed that people's addiction to credit cards is a major factor in the financial troubles that are experienced throughout the year.
An R3 survey showed that 11 per cent of British adults often find it hard to get to their next payday, while another 31 per cent occasionally have this problem.
"There needs to be a cultural shift in consumer attitude to debt. For too long we have got used to the idea that this is money we are entitled to," said Mr Law.
He pointed out that personal insolvencies have increased by 350 per cent over the past decade, which can be a "huge stress" for those who are experiencing such issues.
The company claimed that many people have money problems as a result of going out and spending cash on non-essential transactions, while mortgage repayments and other major expenses were also identified as significant contributors.
However, the most common factor was credit card repayments, with 35 per cent of respondents who struggle to make it through to their next payday saying such costs are not helping their situation.
Mr Law pointed out that making purchases on such accounts is just "delaying the inevitable", since customers will need to pay for items eventually.
R3, also known as the Association of Business Recovery Professionals, recently published research showing that ten per cent of small businesses are worried they may go into administration if their public sector contracts are withdrawn.
Click here for more debt news
Related News : Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
