`Era of debt-financed consumer spending` is over

The `era of debt-financed consumer spending is over`, according to Tim Moss of moneysupermarket.com.

Head of loans and debt at moneysupermarket.com, Mr Moss stressed the need for people to take the time to manage their finances and think about cutting back on their monthly spending.

"Many people are being pushed to breaking point by the spiraling cost of living and the ongoing effects of the credit crunch but, as our research shows, people do need to be aware of their own financial circumstances and not bury their heads in the sand," he said.

"Consumers should ask themselves if they really need a new car, the latest Sky package or those new shoes."

He made the comments in relation to research by the comparison site, which found that many Britons have a worryingly lax attitude to debt.

For example, it found that 66% of Britons wouldn`t even be concerned if their debts were so high that they couldn`t afford their gas and electricity bills - while 57% `would not suffer from sleepless nights` if they missed a payment to their rent or mortgage. And just 15% said they`d be worried if they missed two or more credit card or loan repayments, `despite the dire consequences of doing so`.

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