People with debt problems are more prepared to cut their children’s activities than to give up smoking
People with debt problems are more prepared to cut their children’s activities than to give up smoking, reveals a survey from ClearDebt, the Manchester based debt advisory and
ClearDebt’s survey showed that 40% of people with debt problems would tell no-one their worries. Only 4% would tell their parents and six out of ten would not confess their debts to their partner.
The top five items people would not cut back on were:
Second Holiday 53%
Smoking 48%
2nd car 47%
Ready meals 45%
Satellite TV 45%
The top five items people would reduce spending on were:
2nd car 16%
Reduce smoking 13%
Satellite TV 8%
Child's activities 8%
Holiday abroad 8%
Commenting, ClearDebt marketing director, Andrew Smith, said:
“It seems sad that a person with a twenty-a-day habit, who could save around £2,000 a year by stopping smoking, would rather cut back on their children’s ballet lessons or football club.
“But, the real story here is that people in debt really don’t want to cut back on any of their luxuries if they can help it – or maybe just that things considered luxuries a few years ago are now considered essentials”.
-ends-
For further information please contact:
ClearDebt:
Andrew Smith 01234 825826 (mob: 07971 272 483) email: Andrew.smith@cleardebt.co.uk
College Hill Associates:
Paddy Blewer – 020 7457 2020 (mob: 07765250857) e-mail: Paddy.blewer@collegehill.com
Note for Editors:
ClearDebt is the newest entrant to the Individual Voluntary Arrangement (IVA) market.
ClearDebt aims to provide the most transparent and ethical service to debtors, at the lowest cost - giving many more people the opportunity to arrange an IVA than has been possible before. All customer-facing staff have been specifically trained in IVA provisions and all have insolvency practice experience: we are not a call centre, nor do we employ call centre type operatives.
ClearDebt’s principles include providing best debt advice wherever possible to all debtors: Where the facts indicate an IVA is the right solution we will provide advice and support - but never pressure - to the debtor. Where the facts indicate other solutions we’ll point the debtor in the right direction.
Links to related ClearDebt articles:
Individual Voluntary Arrangement (IVA)Debt forgiven with an IVA
ClearDebt debt survey gives regional, gender and age context for upcoming Government insolvency statistics
Young women IVA seekers have greater debts
ClearDebt welcomes insolvency watchdog’s proposals on IVAs
CLEARDEBT SURVEY SHEDS LIGHT ON DTI INSOLVENCY FIGURES
IVA alternative to bankruptcy misconception
ClearDebt comments on Latest IVA Figures
ClearDebt clarifies IVA process
IVA Rejected but Arranged Structured Repayment Plan to get Finances on Track
Debts cut by 61% - saving £600 a month with an IVA
IVA is not always the right choice
Clear debt with an IVA - and starting life again
Your money or your job
IVA slashed monthly payments to £300 - from more than £2,000
Divorce/separation can change your financial life
IVA after wage drop and debts spiralling.
IVA Advice and IVA Help
IVA Advice - Guide to arrange an IVA
IVA Advice - Northern Ireland
IVA Advice - What is the Cost of an IVA?
IVA Advice – Being eligible for an IVA?
IVA Advice – IVA Facts and advantages over bankruptcy
IVA Advice – IVA Facts and disadvantages
IVA Help
IVA Help - How long could it take?
IVA Help - Insolvency Practitioner
IVA Help - Secured loan or mortgage?
IVA Help - What will happen to my assets in an IVA?
IVA Help - What will happen to my home in an IVA?
IVA Help - What information do I need to arrange an IVA?
- ClearDebt is the only IVA company to offer full online IVA applications
- Five simple sections to complete a full IVA application
- No time consuming filling debt forms by hand
- Login when it suits you and complete at your own pace
- Personal, private, confidential and secure
- You stay in control
Latest news about UK debt
Nationwide welcomes credit card praise
(Fri, 15 Feb 2008) Nationwide Building Society has welcomed the news that it has been named as the best credit card provider in the UK at this year’s Card Awards. With millions of consumers struggling with high levels of debt management, the building society has suggested that the transparency and the quality of the information it provides has played an ... more >>Brits ‘being hit’ by balance transfer hikes
(Fri, 15 Feb 2008) Many British consumers are facing increased pressure on their personal finances as a result of rising balance transfer fees, according to a recent report. Moneyfacts.co.uk has claimed that since people with credit card debt first started being charged for transferring their balances four years ago, the associated costs have become increasingly difficult to pay off. The price ... more >>Report highlights UK’s ‘credit culture’
(Thu, 14 Feb 2008) UK consumers are far more comfortable about paying for goods and services using credit card debt than any of their European cousins, according to a new report. Research by Datamonitor has found that at the end of 2006 the average British adult had at least twice as many credit cards as ordinary consumers from any other ... more >>Statto declared bankrupt
(Thu, 14 Feb 2008) The man known to TV sports fans as ‘Statto’ has been declared bankrupt by Manchester county court, it has been revealed. It is not known exactly how betting expert Statto, real name Angus Loughran, found himself in such serious debt management difficulty but it is believed to be related to unpaid council taxes. The Insolvency Service has ... more >>Credit card users warned over order of payments
(Thu, 14 Feb 2008) Credit card users have been warned that many of the foremost providers in the UK do not clear the most expensive forms of debt first. Research by Moneysupermarket.com has found that the order of payment patterns used by financial service firms could leave people with credit card debts in the red for longer than necessary. In fact, ... more >>
IVA FAQs
- IVA Advice: What exactly is an IVA?
- IVA Advice: How long will the IVA last?
- IVA Advice: Can creditors change their minds if the IVA has been agreed?
- IVA Advice: How much will the IVA monthly payments be?
- IVA Advice: When is the best time to do an IVA?
- IVA Advice: I am self-employed. Can I do an IVA and continue trading?
Tired of debt jargon? Search our glossary of debt terms:
ClearDebt Analyser
The ClearDebt Analyser is a unique free tool which shows you your best way out of debt - whether an IVA, debt management, debt consolidation or bankruptcy. Immediate results on screen help you say goodbye to debt worries for good!
Debt Management Comparison
The Debt Management comparison tool compares the likely impact of an IVA or a debt management plan on your debt and your pocket. Once you have input your real figures you’ll get an instant comparison for free. You might be surprised by the result!
Debt Repayment Calculator
Easy to use Debt Repayment Calculator illustrates how you can clear your debt and become debt free.
Our debt calculator illustrates the effect of a change in APR on your debts over time.
Become debt free
ClearDebt helps people beat debt and become debt free. Read about our recent cases below where we have helped clear debt.
£26,626 average debt
£1,402 per month average net income
56% male
44% female
Average age 33
Debt statistics from ClearDebt generated from live user data from people who have completed our Debt Analyser.
Sign up now to receive Free News and Debt advice by Email
Home
Analyser
Forum
News
IVA FAQs
Log in
Press