Overspending is the problem not debt, says expert

Debt is not the problem behind financial difficulties – “it is just the symptom”, it has been claimed.

UK mobile banking network Monilink recently revealed that 35 per cent of Londoners compete with friends and family by spending money on material goods.

Therefore, personal finance writer Cliff D’Arcy explained that the real issue is not debt but overspending and the increasing desire to purchase new goods and services to stay fashionable.

Mr D’Arcy claimed that to deal with the problem, people do not need to totally cease spending altogether, but just try and get more for their money.

“Try and shop online,” he advised. “Haggle, bargaining, look around rather than just buying the first thing you see.

“Maybe you don’t need it today and next week and at half the price, it’ll be better.”

The writer also warned consumers to pay attention to their account balance as going overdrawn can lead to “infuriating” fines from the bank.

© Adfero Ltd

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