Welcome to Debt Advice Trust Blog

The moment that we turn on the TV or read a magazine, we are bombarded with headlines and strap lines for consumer goods which entice money out of our accounts and draws debt into our lives.

What causes our debt?

In the UK, we spend a tenth more than we have in our pay packets. This means that for every £100 that we earn, we spend £110. This leads us slowly but surely into debt solutions like debt management plans and IVAs (Individual Voluntary Arrangement) as we overspend and enrich the lives of credit card companies, banks and other companies who have benefited quite nicely from our weaknesses. As we fall into the depths of materialism, we can only afford to save £1 for every £50 that we earn.

On average, 10,000 people are declaring bankruptcy each month and as taxes rise and the Bank of England’s base rate continues to rocket, Britain’s big spenders will need to do a lot of heavy praying to keep them out of debt during the following months.

A good way of curbing spending habits is to carry affirmations with make a spender stop and think about buying and the consequences it could have on their bank balance. A good one could be ‘stop, reflect, reject’.

If spending makes you feel good, there are other ways of gaining that high without draining the credit card to its limits. Why not try a charity run? It will not cost a single penny but will make you feel good knowing that you have helped so many people. You will also have the satisfaction of knowing that you have not run yourself into debt problems!