A person's risk of house repossession is likely to increase should they continue to overspend rather than plan for their financial future.
However, new research from Standard Life has shown many people in the UK are twice as committed to parting with their money as they are to placing it to one side.
According to the study, UK adults with credit cards spend around £3,804 on payments related to the plastic every year - which calculates at £317 a month.
In comparison, these individuals are only managing to put away £1,680 every 12 months - or £140 a month.
John Lawson of Standard Life - which has been around since 1825 - warned debts can quickly mount up when consumers fail to manage their expenditure adequately.
The industry figure added: "People are not thinking about their savings as much as they could be, even though it's our savings and investments that can prevent us from falling into debt."
Overspending could heighten repossession risk
Tue, 04 Oct 2011
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