5.4 Million Spend More Than They Earn

Apr 20, 2010, 03:00 ET from MoneySolve

MANCHESTER, England, April 20 /PRNewswire/ -- A Uswitch survey has revealed that an estimated 5.4 million adults every single month spend more than they earn. This represents 11% of the population and makes for some rather worrying reading. On top of this, a further 13% just 'break even' and another 53% have less than 100 pounds in their bank account when everything else has been paid.

Debt Management experts at MoneySolve believe the figures are a real cause for concern, commenting that, "What this indicates is that people are continuing to live beyond their means. But it's perhaps little surprise that we have these problems when formal money management lessons are only just, in the 21st century, becoming a compulsory part of education."

The experts at MoneySolve have previously called for education on matters relating to debt for adults in the UK and maintain that this is essential in cutting debt problems. They believe this could also help to make people feel more comfortable speaking about financial matters.

"Seeking professional debt help is a really great move forward in dealing with any debt problem. However, talking about debt still tends to be something of a taboo matter. This can make people feel uneasy about seeking help sometimes."

Credit Action statistics report that the total current personal debt in the UK is 1.64 billion pounds.

SOURCE MoneySolve