9 July 2008
People are finally starting to panic about their finances are realising that they cannot spend cash they do not have, it has been claimed. Scottish Widows stated that in recent times there has been a culture in which consumers have spent money without thinking of the consequences, news that may be of interest to those with personal loans. But now, said Head of Pensions Market Development at Scottish Widows Ian Naismith, individuals are "coming out of denial". In the past, there has been a trend towards people believing that credit is easy to obtain and that there will be no negative impact because of this. "We've been a position for the last few years where if you wanted to buy something you either got it on your credit or store card, or you went out and borrowed for it. It was easily done and you could put off the consequences for another day," he commented. He added that if people begin to save for their future then such issues could be dealt with in an adequate fashion. According to a recent survey carried out by the firm, 41% of people thought they had more money five years' ago than they do now.
© 2008 Adfero Ltd
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