Debt is a series of payment; it is owned by one known as a debtor to the other known as the creditor. Nowadays people involve such activities that are prone to invite debt in their lives. Money saving Company is the money saving website; on this, the money-saving team makes a research work on the attitudes of the Britons and their Money Management on Personal Grounds.
They say that it will take decades for them to get their ongoing debts cleared. They require a lot of time to overcome their current financial debts. They believe that they over-rely on the loans, credit cards to a Great extent that will not let them ever get rid of debt.
As per the survey conducted:
47% of them predicted that they require not if more but at least 10 years to get free from debt, few others said 5 years, followed by other confessions of 2 years and even 1 year to get debt free.
40 % of them have lost hopes that they will ever live a life that will be a debt free life.
When they were asked that what have been the major causes of their such a situation, the respondents then admitted that the causes are to be:
Shopping: Increasing the number of stores, shopping complexes, and changing the lifestyle of people with more and more materialistic desires. These desires lead them to overspend to around 72%
Gambling: Investing money to create more money; there is no that they will only win the game. This impulse spending of money constitutes to 64 %.
Divorce: First of all, the Investments that were made during marriage go in vain. Getting apart from one another also includes give and take of money between both parties. It has been devoting approx — 54 %.
Unemployment: This is the major issue that brings the situation of debt in one’s life. When there are no employment people, delve into misdeeds that take ten towards debt.
Not only people are alone undergoing the consequences of these debts, but also family relationships are going through a lot. Around 15% of people admitted that their partners or spouse are not aware of the debts they are carrying. They also confessed that they even have secret accounts in Bank to hide all this from their partners. Trust, and the essence of human relationships is also fading amid these unending series of payments.
The spokesperson of the Money saving company Commented:
Drowning into Debt is sometimes uncontrollable and also unavoidable but when people get into this by lack of money management and involving into money spoiling things like Gambling is not good. With discounts mostly available on everything nowadays and having spending caps on credit cards, even small steps taken by every one of avoiding unnecessary expenditure will save them for debts. According to him, the Financial Advisor should also help them with guidance so that they don’t feel that there is no way of returning.