Like Father, like son

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Family debt patterns. Official - It’s inherited!

Recent research now tells us that in addition to inheriting parenting skills from our mothers and fathers, our attitude to debt is also acquired during our formative years.

So our attitudes and the way we handle our personal finances are influenced by the ways in which our parents dealt with money and debt.

However, the moral tone of "Never a lender or a borrower be" would seem to be largely ignored by a significant proportion of the population with UK personal debt having recently passed the £1.1 trillion mark and one in five of adults admitting to being uncomfortable with the amount of money they owe.

So the stark reality is that we believe that avoiding debt is something we should aspire to, yet the temptation of "buy now - pay later" often proves just irresistible.

And if we did pay later or even take advantage of interest free credit, then maybe we could keep control of our finances and not over stretch our household budgets. Regrettably, pitfalls and financial penalties for the unwary or inexperienced are all part of the credit landscape.

However, people can and do learn from their experiences. Anyone who has missed a deadline, and has felt the discomfort of the late payment penalties exacted by credit card companies will want to avoid that money-down-the-drain feeling, if at all possible. So there are lessons to be learned and practised about prompt repayment and budgeting.

We are regularly bombarded by offers of loans, store cards and finance of every shape and form, with the media creating an environment where debt is presented as an acceptable route to the realisation of your dreams

Like most things, credit in moderation may suit your personal circumstances and income level. But if things change or credit limits and borrowing exceeds certain levels, you can quite easily lose control of your finances and effectively lose your financial freedom.

You can get out of your depth and it’s universally acknowledged that the first thing you must do is get expert advice. But where do you turn for free, impartial, debt advice and support that’s immediately accessible and effective?

The answer is Payplan, one of the UK’s leading providers of free debt advice and support.
Payplan have been helping people regain control of their finances and their lives for the best part of 15 years, so can justly claim expertise in their field.

Payplan has developed a detailed understanding of both the debt predicament and the difficulty many people have admitting that a problem exists. The service provided is confidential and free.

The advice provided can range from simple maximisation of income to longer-term debt management solutions. Whatever the route recommended, Payplan aim to help restore your financial freedom. So financial freedom is just a phone call away.