(1888PressRelease)
May 24, 2007 - A survey by CreditExpert, the results of which have been published to coincide with credit awareness week, revealed eight in ten Brits admit to overspending.
As a result, five per cent of people in the UK have considered or taken out an IVA or declared themselves bankrupt, while nine per cent have paid off a credit card debt with another credit card.
What's more, ten per cent have fallen behind on credit card, store card, loan or mortgage repayments in the past.
With nearly one in four Britons confessing they often find financial affairs difficult to comprehend, Anne Kiem, director of external affairs at the ifs School of Finance, believes more emphasis should be placed on financial education in schools.
"The ability to make informed financial decisions is a crucial life skill for all; no matter what income, class, background or type of career you may wish to pursue," she said.
"It should therefore be possible for all young people to have the opportunity to gain such skills and we hope the government will soon recognise this."
Those already in financial difficulty could consider selling their homes to National Homebuyers and then renting them back to free up much-needed capital.
Chris Newman, Director of National Homebuyers says, "The lack of eduction from the government over credit problems is a disgrace. on the current statistics, it shows 3 people from every classroom will fail to meet their mortgage payments.
"The government is happy to regulate savings and investments, but irresponsible lending continues unregulated. We are receiving thousands more enquiries from people who need a fast property sale because of their inability to manage their finances. Deeper investigation shows that they felt misinformed and ill-educated about the potential pitfalls of borrowing".
National Homebuyers, the UK's leading fast purchase property firm offers a number of solutions that will help people with financial concerns. One of those solutions is "Sell and Rent Back", this allows the homeowner to sell their property for up to full market value and rent it back.
Further information is available
at www.nationalhomebuyers.co.uk
or by calling 0870 979 8118.
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