Many Britons’ finances are undone by a legacy of debt that has lasted for decades, in spite of many people’s efforts to improve their financial situation, according to one finance company.
Thomas Charles, a debt consultancy, revealed that many people are actively seeking to improve their financial standing in an economic environment characterised by increased interest rates, which has seen some people turn to alternative sources of capital such as re-mortgaging.
The company stated that although many people are taking positive steps, failure to tackle long-standing debts that could have lasted for decades may be the undoing of many a consumer.
James Falla, managing director of Thomas Charles, explained: “I certainly would applaud any good work that people are doing perhaps in terms of not borrowing more, and trying not to be too obsessive in their borrowing, but they have already borrowed.”
“It’s the legacy of the last fifteen or twenty years of lending that we are now dealing with,” he added.
Recent figures from Credit Action suggest that consumer debt has reached approximately £1.3 trillion.
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