Brits at risk of spiralling debt

New research has revealed that adults across the UK are not prioritising their finances, with almost 90% of people saying they do not spend much time thinking about important financial decisions.

It also found that Brits are over spending, as 7 in 10 adults don’t allocate a strict budget for their summer holidays and almost a third admitted to spending more money than they intended when they went on holiday abroad.

This comes as the typical adult in the UK has three credit cards, and owes on average £28,500.

Daniel Slutzkin, the CEO of Wizzcash.com said that adults need to take into account a number of things if they are concerned about getting into debt or thinking of taking out a loan.

He said: “Anyone considering taking on debt of any nature needs to consider three key things;

1 They can afford to pay back the loan

2 Plan ahead for any uncertainties, you never know when the car or boiler might break

3 Run a household budget and try to stick to it, always have a clear idea of what your current financial position is.”

Figures from the Office for National Statistics (ONS) show that the average family has an income of approximately £489 per week. It showed that housing, fuel and household bills accounted for 14% of our outgoings, closely followed by transport (13%) and recreation and culture (12%).