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Britons demonstrate unusual financial priorities 
Tuesday, 31 March 2009 Britons say they can’t live without Sky Sports, mobile phones and pampering their pets despite struggling to pay off their debts.
A list featuring some of the most bizarre recession essentials has emerged from research by Europe’s leading credit management company, Intrum Justitia.
Satellite TV sports and fitness fixes headed the top 10 ‘must haves’ of more than 10,000 British consumers trying to make debt repayments, but the nation also felt its priorities were to pay children’s pocket money and indulge in hobbies.
Despite the current credit crunch, one individual told Intrum Justitia she was unable to pay her debts because she couldn’t do without the £1,000 plus to stable her horse!
Gary Nolan, the firm’s Regional Operations Director UK and Ireland, said: “We are seeing many people making determined efforts to pay off debts and leave themselves able to cope with the current financial climate. Of course, that means needing to balance repayments with household essentials.
“However, different individuals regard many different things as necessities. Whilst firms owed money by customers will even understand people needing to buy newspapers or pet insurance, some individuals appear to be including what most of us would regard as luxuries among their financial priorities.”
Intrum Justitia is Europe’s leading expert on a range of credit management services and works with more than 90,000 clients in 24 different countries, including some of Britain’s biggest names in utilities, finance, retail and media.
Intrum Justitia found that some people were refusing to cut back on fitness classes costing in excess of £100 per month while others were reluctant to do without expensive mobile phones and fuel expenses for gas-guzzling vehicles.
Charity donations, private education, yoga classes and hobbies including board games were also on the list of the modern British necessities.
Gary Nolan advised indebted consumers to try and demonstrate they were being sensible about their finances. “Anyone in debt needs to make sure they talk to the businesses who are owed the cash. If they’re willing to show that they are making genuine efforts to repay what they owe, they can generally expect a sympathetic hearing. For those people who are facing genuine financial hardship, there are a number of free help organisations available to offer advice and support.”
Tuesday, 31 March 2009 Britons say they can’t live without Sky Sports, mobile phones and pampering their pets despite struggling to pay off their debts.A list featuring some of the most bizarre recession essentials has emerged from research by Europe’s leading credit management company, Intrum Justitia.
Satellite TV sports and fitness fixes headed the top 10 ‘must haves’ of more than 10,000 British consumers trying to make debt repayments, but the nation also felt its priorities were to pay children’s pocket money and indulge in hobbies.
Despite the current credit crunch, one individual told Intrum Justitia she was unable to pay her debts because she couldn’t do without the £1,000 plus to stable her horse!
Gary Nolan, the firm’s Regional Operations Director UK and Ireland, said: “We are seeing many people making determined efforts to pay off debts and leave themselves able to cope with the current financial climate. Of course, that means needing to balance repayments with household essentials.
“However, different individuals regard many different things as necessities. Whilst firms owed money by customers will even understand people needing to buy newspapers or pet insurance, some individuals appear to be including what most of us would regard as luxuries among their financial priorities.”
Intrum Justitia is Europe’s leading expert on a range of credit management services and works with more than 90,000 clients in 24 different countries, including some of Britain’s biggest names in utilities, finance, retail and media.
Intrum Justitia found that some people were refusing to cut back on fitness classes costing in excess of £100 per month while others were reluctant to do without expensive mobile phones and fuel expenses for gas-guzzling vehicles.
Charity donations, private education, yoga classes and hobbies including board games were also on the list of the modern British necessities.
Gary Nolan advised indebted consumers to try and demonstrate they were being sensible about their finances. “Anyone in debt needs to make sure they talk to the businesses who are owed the cash. If they’re willing to show that they are making genuine efforts to repay what they owe, they can generally expect a sympathetic hearing. For those people who are facing genuine financial hardship, there are a number of free help organisations available to offer advice and support.”
