living beyond our means

The credit crunch has started & yet it appears according to Uswitch the online comparison website, one in ten of us are living beyond our means. The website claims that a fifth of adults have no money spare at the end of the month.

   People living beyond their means often rely on overdraft and/or credit cards to make up the shortfall.

The average income is £2,607 each month of which £1,229 is spent towards essential items. Debt repayments on average are well over £300 and Non essential items use on average £865 per month. The average consumer had just £157 left by the end of each month.

Some customers could help lower monthly repayments by switching to a 0% balance transfer credit card or a personal loan. If you are living beyond your means, debt management could also be a solution to help make things easier.