LONDON, February 3, 2016 /PRNewswire/ --
Findings by the Office of Budget Responsibility indicate that the average household debt in Britain has reached £40 billion.
This figure becomes a cause of concern as only five years ago Britain was running a surplus of £70 billion.
How and why the figures have taken such a regression is currently what the bigwigs are investigating.
Has the recent boost in economic growth buoyed confidence levels in the nation's spending habits?
Or does advertising have a role to play in the way consumerism and consumer credit products are being flaunted at mass audiences?
While we may apportion blame to these factors, debt counselling charities and other public sector organisations are encountering huge numbers of debtors and their woes.
A report published by the Citizen's Advice Bureau for England and Wales states that its branches have dealt with 149,000 cases of people going over their credit card/charge card bills; 133,000 instances of people unable to pay off personal loans and 60,000 cases of people asking for help with large overdraft payments.
Sati Dhanjal, Vice President, MyCreditMonitor says: "In order to stave off the risk of us slipping into recession again, I think we need to look carefully at how we spend what we spend against the money that we bring home.
As consumers, if we can learn how to monitor and manage our credit better, we are less likely to let our debts reach a point where things get out of hand and we find ourselves struggling to make ends meet, let alone pay off existing debts.
We should not have to arrive at this stage and by receiving appropriate guidance, we can empower ourselves with better consumer credit awareness.
By understanding the types of credit that are currently available in the marketplace, to how lenders calculate APRs and charge borrowers, to choosing a credit card that is within means of repayment, to introducing household budget planners, consumers can improve their credit awareness and make well-informed decisions."
You can see our views on these topics by visiting: http://www.MyCreditMonitor.co.uk
Content Marketing Executive, MyCreditMonitor