Secured loans and tackling credit card debt
18/04/2008Many people in the UK are ignoring the current instability in the financial market and running up expensive credit card debts, according to a new survey.
The study, put together by Credit Expert, notes that consumers are overspending on expensive items such as designer clothes, jewellery and gadgets in order to appear wealthier than they are - despite the damage this could be doing to their finances.
It was revealed that an estimated 34 per cent of UK consumers spend beyond their means to keep up with their peers and the same percentage believe having the right designer label is a good way to display wealth.
The news could encourage many to take control of their finances and opt for a debt consolidation solution - such as that provided by a secured loan or bad credit loan.
Around 20 per cent believe jewellery is a better way to do this and having an expensive watch, good shoes and a tidy haircut were also things noted as important to portraying the right image.
 © Adfero Ltd
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