A third of Britons think theyll never be debt free
Latest research from the UKs leading discount and voucher code website has revealed that 32% of Britons think they will never be debt free; with more than four fifths currently claiming to owe money from a loan, credit card or overdraft.
The study of 1,722 people aged 18-35 was conducted by www.MyVoucherCodes.co.uk in an attempt to discover more about peoples relationship with debt and borrowing.
Respondents to the study were asked the question Do you think you will ever be debt free? to which a third, 32%, answered no. When these respondents were asked why this was the case, more than half, 54%, explained that they would always need financial help to fund their chosen lifestyle.
Of the respondents who claimed that they would always be in debt, 19% said they werent concerned about the possibility of their debts being passed on to their next of kin, in the event of their death.
The 86% of respondents who admitted that they were currently in debt were further asked, Have you ever had to turn to a family member or close friend for help with debt payments? to which 8% said yes. When also asked, Do you feel in control of your debt? 51% said they did not.
MyVoucherCodes.co.uk also asked the respondents whether or not they felt it was too easy to borrow money, either through their bank or via credit cards. 79% of people answered yes.
Farhad Farhadi, personal finance expert at MyVoucherCodes.co.uk, commented on the findings of the study:
The majority of UK adults owe money in some way, shape or form; but to see that almost a third think theyll never be free from debt is quite alarming. When borrowing money from any source, how you are going to repay it should always be in the back of your mind.
Id agree that getting money on credit has become all too easy, and many often see it as the easy way out. A lot of people dont really think about the consequences of borrowing money and it can be easy to get complacent; but keeping it all under control should be a priority from the off. Only borrow what you really think you can afford to pay back.
Mark Pearson, chairman of MyVoucherCodes is a regular media contributor regarding online shopping and the credit crunch. At 29, his personal worth is more than £30 million. Mark was previously a trainee chef working for Gordon Ramsay at Claridges, London.
Mark appeared as a Secret Millionaire in the series on Channel 4, in which he donated £115,00 of his own money to worthy causes.
MyVoucherCodes has had sales exceeding £481m in the last year
Consumer savings on online shopping via MyVoucherCodes.co.uk up from £28m in 2008 to £52m in 2009.
MyVoucherCodes is the UKs most popular discount site.