The Stigma of the Debt Management Solution

A few generations ago, debt was unforgivable. The stigma surrounding debt was huge, but now all that has changed.

Two generations ago, if you didn't have the credit, you simply didn't spend.

Now, debt in Britain is so high, it has taken over the economy. Families owed £1158 billion last year and yet the economic output of the UK was just £1127 billion.Two generations ago, such a plunge into debt was simply unthinkable; but now, many of us are searching for a debt management solution.

So what's changed?

Credit Cards

In the past if you wanted to go on a holiday, buy a new coat, or have some retail therapy and you didn't have the money then you didn't get what you wanted.

Nowadays, credit cards have changed that and they have changed the way, we as consumers, think about spending. Many, who would not otherwise be in debt, but for the invention of the credit card, are now having to find a debt management solution.

Material world

There's no doubt we are living in an increasingly materialistic world and more and more people are finding themselves looking for the best debt management solution.

Magazines and TV shows bombard us with aspirational lifestyles - if only we'd buy this product, that make-up, drive this particular car or wear that brand of fashion, then we will be happy and successful.

Illusion

It is worth being aware of how advertising works to manipulate your wallet. If you suffer from the shop-till-you-drop syndrome and are living beyond your means, don't ignore the problem. Seek urgent advice to find the most suitable debt management solution.

Having a Coronation Street budget does not stop us from aspiring for a Dynasty lifestyle. Next time you watch an advert that tempts you to buy a product, remember they are tapping into these key desires. Try and take a step back before you impulse buy. Adverts are trying to manipulate you into buying a product. Below are some key desires to look out for:

1. Freedom. Often car adverts feature young, happy beautiful people travelling through exotic lands. The idea of freedom taps into a fundamental desire. But ask yourself this - will buying that specific car brand really ease up the congestion on your commute? Adverts sell aspirations not reality. The only reality you will have to deal with is trying to find a solution to your debt management.
2. Happiness. It's rare that an advert will feature miserable people. We all long for laughter and joy in our life. But will buying a product really fill that need?
3. Friends. Any snack or alcohol advert will often feature a group of friends. Just because you buy their product it won't make you popular!

The stigma of debt

If you have succumbed to over-spending then don't worry, you are not alone. As credit cards, mortgages and loans have become a way of life, the stigma of debt has gone too. This is good news. It means you can approach a debt management solution without shame or denial. Taking practical steps to deal with your debt management is the only solution.

Analysis of personal insolvencies showed 75% of debtors were in debt because they were living beyond their means. Once a suitable debt management solution has been found you can start thinking about managing your money more effectively. With the help of independent financial advice you can find ways to move forward into a debt-free life.

For debt management solutions visit MRA Business Solutions at www.mradebthelp.co.uk, or call 0800 612 92 23.

For independent financial advice, visit our sister company Mike Robertson Associates at www.mraltd.com. You can email an independent financial adviser for professional help, or call 0870 803 1995.

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