‘Shameless Britain’ lacks embarrassment about debt

According to a recent Telegraph article, Britain has become a ‘shameless’ nation where a third of adults are not embarrassed to discuss their debt.

New research from uSwitch.com also found that more than a third of respondents are happy to discuss their salary with friends and family.

Almost all Britons say that shopping in ‘budget’ shops is acceptable and that they wouldn’t be ashamed to buy second hand goods as getting the best price possible is more important than saving face.

Read the full article here.

Friends’ funds help those struggling

In a recent Post Office survey, some 26% of respondents said they had lent money to friends in the last year with less than half of the money having been paid back.

Each donor gave an average of more than £500 to friends and typically this was spread among four different people.  Nearly one in five of those polled said they did not remember how much they had handed over.

10% of those giving money said they could afford to write off the debt and none charged interest, although many were rewarded with dinner or a bottle of wine as a mark of gratitude.


Source:  bbc.co.uk

More than half the population concerned about winter fuel bills

According to uSwitch*, 61% of households are worried about the cost of their energy bills this coming winter.

Here are a few tips from the Energy Saving Trust as to how you can stop wasting energy and save some money in the long run:

  • Turn your thermostat down.  Reducing the room temperature by 1 degree c could cut your heating bills by around 10% per year
  • Close your curtains at night to stop heat escaping and check for draughts around your windows and doors
  • Always turn off lights when you leave a room
  • When making tea or coffee, only fill the kettle with the amount of water you need
  • Don’t leave appliances on standby and remember not to leave mobile phones and laptops recharging unnecessarily
  • Use energy saving lightbulbs, they last 10 times longer than ordinary bulbs

* Source:  Credit Action – November 2010

Still paying for last Christmas?

We all know that Christmas can be a highly expensive time of year.  According to a poll by MyVoucherCodes.co.uk, 7% of respondents are still currently paying off debt that they accumulated last Christmas and a further 9% just finished paying the debt from last Christmas between June and July.

Most worryingly, almost 1 in 4 of those asked are intending on paying for the expense of Christmas by borrowing money.

If you’re struggling with debts, contact us today.  We may be able to help.


Source:  Credit Action – November 2010