Getting into debt 'is now normal' in the UK

DON'T WAIT FOR THE ENERGY PRICE CAP TO SAVE YOU!

 
Standard energy rates will be capped from January 2019, but switching with us could save you as much as £482* on your annual energy bills.

in partnership with Banner uswitch

Looking to switch your business energy supplier? Click here

* Between 1 Jan 2018 and 30 Jun 2018, at least 10% of people who switched energy supplier for both gas & electricity with uSwitch saved £482 or more.

For many people in the UK, getting into debt is becoming an accepted issue, according to a leading financial education charity.

pfeg's policy director, Alastair Matthews, said that social trends in Britain have changed so much that it is now normal for people to "buy now and pay later", rather than save for items as people would have previously.

He added that the UK's developed financial market has helped to change attitudes on the issue, with many firms offering easy loans and credit to consumers.

Mr Matthews said: "Added to this, we have a changing culture from the traditional British attitude of wanting something and saving for it – where maybe you waited for half a lifetime for it – to now, where the feeling is 'if I want something, I'll have it and I'll think of how to pay for it later'."

Recent research by Credit Action found that the amount of personal debt in the UK has risen by ten per cent on figures for last year, now standing at £1,380 billion.

Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.


Found this page interesting?

Help spread the word and share this page with your friends and family on your social networks.

Cookies help us deliver our services. By using our services, you agree to our use of cookies. Learn more