Buy now pay the real price later!

Subject page : Money Matters

The media has revealed more than a few rich and famous people that have fallen into the debt trap. We are all aware that it is not limited to those restricted by a small income. From royalty to ex-millionaires, all types of people have been named and shamed for spending above their means. It is a well known fact that, for most of us, when riches increase so does our level of spending.



It is almost impossible for anyone to escape the aggressive marketing and advertising campaigns on the television, billboards, radio and magazines for products and services. We are all vulnerable in some way; but unlike individuals who only have themselves to satisfy when considering what to buy, parents have the added burden of beloved children adding to the pressure group. This often can be the straw that breaks the camels back. The marketers know this and cleverly and aggressively target the children as well as the parents when striving to sell their products.



We now live in a society where one’s wealth is not based upon what we actually earn or possess, but rather how much we are able to borrow. Buy now pay later, the availability of instant credit for up to 5 years, and all aspects that are used to entice us into spending more of what we have, or worse still, to spend more of what we don’t have!



Many parents are caught in the trap with a two-edged sword. No parent wants to be a scrooge, or to see their child unhappy. There are the pressures of yearning to fulfil your child’s desires to keep up with friends and to fit in. In contrast to this, there is the constant drive of the conscience to balance the expenditure with the income, to keep your head above the water, and to maintain some form of control. It is a constant daily battle and the all to easy option is to give in by accepting an even greater depth of debt.



In recent years the Bank of England revealed that new consumer credit had reached £2.17bn, the fastest rate of growth since records began almost ten years ago. According to Data Monitor and the Office of National Statistics, consumer credit excluding mortgage lending has rocketed by 126.4% to £140. 1bn since March 1995. All of this occurred during a period when the average earning grew by only 28.5%.



Are you in debt and need help? Contact your local Citizen Advice Bureau, or the Consumer Credit Counselling Service on 0800 138 1111, or the National Debt Line on 0808 808 4000. If you are in trouble it is important to get help don’t bear the burden alone, call someone today.

Author:  ffig
Added:  51 Jun 2009