Millions of Brits overspend says National Homebuyers
Millions of Britons face financial difficulties because they spend more than they earn.
[UKPRwire, Mon Jan 28 2008] That is according to uSwitch, which claims that 4.8 million British adults overspent in 2007, while nine million just managed to break even.
Most of the money goes on essential items, with the average person spending £1,229 in this area.
A further £865 is spent on non-essential items, while £356 goes towards servicing debts. This leaves the average Briton with just £157 spare at the end of each month.
It is clear from the figures that many people face financial difficulties as they struggle to find the money to maintain their lifestyle.
"Britain is suffering from a bad case of affluenza. We are caught in the grip of a spiral of conspicuous consumption where it's no longer enough to keep up with the Joneses, but instead we want to live like our favourite celebrities," commented Ann Robinson, director of consumer policy at uSwitch.
"But it's clear that our salaries can't keep up with our 'Hello' lifestyles. The shock reports from the high street are the first signal that this trend is changing and, with the credit crunch beginning to bite, consumers need to start paying serious attention to their spending habits," she added.
Fast property sale expert, Julian King comments, "Our analysts agree that we should see a 50 per cent rise in the number of repossessions in 2008.
"This figure can be avoided if the consumer either prevents - by limiting their spending or acts quickly - to save their property.
"Options like our Sell and Rent Back solution exist to save the homeowner thousands of pounds and the possible loss of their home. The homeowner simply needs to act quickly".
Mr King is a director of National Homebuyers, the UK's leading Sell and Rent Back provider, where the homeowner sells their property for cash, but rents back for an agreed period of time and rental fee.