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Brits 'not financially prepared for crises'
Many Brits may face debt problems because they have not financially prepared themselves for a crisis.
According to Stuart Carmichael, director of the Debt Support Trust, there are a number of people who are now in a fiscal deficit because they were not expecting to lose their job.
"If there's not another job there for them to go into they're having to use credit cards and loans to supplement their living. There's really no other alternative," said Mr Carmichael.
He stated that this is causing a big UK debt problem as many people have faced redundancies over the last few years and they are now relying on credit cards and loans to fund their lifestyle.
Mr Carmichael went on to say things could get a lot worse if unemployment levels do not improve soon.
This comes after David Rodger, managing director of the Debt Advice Foundation, advised people to pay off their debts with the highest interest rate before starting to save.
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According to Stuart Carmichael, director of the Debt Support Trust, there are a number of people who are now in a fiscal deficit because they were not expecting to lose their job.
"If there's not another job there for them to go into they're having to use credit cards and loans to supplement their living. There's really no other alternative," said Mr Carmichael.
He stated that this is causing a big UK debt problem as many people have faced redundancies over the last few years and they are now relying on credit cards and loans to fund their lifestyle.
Mr Carmichael went on to say things could get a lot worse if unemployment levels do not improve soon.
This comes after David Rodger, managing director of the Debt Advice Foundation, advised people to pay off their debts with the highest interest rate before starting to save.
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Published: 20/06/2011
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