Debtors Will Ditch Kid's Activities But Won't Stop Smoking

People with debt problems are more prepared to cut their children's activities than to give up smoking, reveals a survey from ClearDebt, the Manchester based debt advisory and IVA arranging company, which also shows that four out of ten debtors don’t talk to anyone else about their money problems.

(PRWEB) November 22, 2005 -- People with debt problems are more prepared to cut their children's activities than to give up smoking, reveals a survey from ClearDebt, the Manchester based debt advisory and IVA arranging company, which also shows that four out of ten debtors don’t talk to anyone else about their money problems.

The survey 0f 309 individuals, published today, 20 November, shows that 48% of smokers regard their habit as sacrosanct and only 18% are prepared to give up, whilst 72% of parents are prepared to cut back on their children’s activities to save money.

ClearDebt’s survey showed that 40% of people with debt problems would tell no-one their worries. Only 4% would tell their parents and six out of ten would not confess their debts to their partner.

The top five items people would not cut back on were:

Second Holiday      53%
Smoking      48%
2nd car         47%
Ready meals      45%
Satellite TV      45%

The top five items people would reduce spending on were:

2nd car         16%
Reduce smoking   13%
Satellite TV      8%
Children's activities   8%
Holiday abroad      8%

Commenting, ClearDebt marketing director, Andrew Smith, said:

"It seems sad that a person with a twenty-a-day habit, who could save around £2,000 a year by stopping smoking, would rather cut back on their children’s ballet lessons or football club.

"But, the real story here is that people in debt really don’t want to cut back on any of their luxuries if they can help it – or maybe just that things considered luxuries a few years ago are now considered essentials."

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