Debt is a “personal responsibility”
People burdened with debt must understand that it is their own responsibility to manage their finances, one expert has said.
Director of Thomas Charles James Falla noted that there is only so much a bank can do to help those struggling with their financial situation.
Budget templates and advice can be given to debt-riddled customers, Mr Falla stated, but the responsibility lies with the individual.
"Ultimately once you know what's going in and what's coming out, the bank can't help you manage that budget, it's your own personal responsibility," he said.
Mr Falla concluded that consumers could consolidate their debts with a loan if they feel their disposable income is not enough to make all the necessary repayments.
According to a recent poll from Co-operative Financial Services, eight out of ten Britons are worried about their debt.
In fact, the average person spends two years of their life worrying about financial problems and spending.
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