UK workers ‘make monthly sacrifices as pay runs out’
Article Category: Debt Management Help and Advice
Britons have to make sacrifices as payday approaches to avoid debt, it has been claimed.
A new study from Abbey shows that 64 per cent of people are forced to cut back their spending towards the end of the month.
Those whose debt management falls short of requirements run out of money an average of five days before they get paid, the research found.
Some 43 per cent of people restrict their social lives, making this the area most likely to be cut back due to the threat of debt.
Meanwhile, 17 per cent of people stop buying new clothes as the month draws to a close and six per cent cease purchasing cosmetics.
However, the report found that Britons may be risking debt problems by relying on credit cards, overdrafts and savings after spending the last of the previous month’s pay.
New figures from Scottish Widows show that graduates have an average debt - excluding mortgages - of £10,586.
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