TELEGRAPH READERS HAVE THEIR SAY

cash, we can’t afford it. Things cost a lot more when you’re poor.’

“Debt damages health on every level. Confronting any recklessness, complacency or addiction we find within ourselves helps, not to judge ourselves but to understand where we need to grow so that our attitudes, and therefore our outcomes, can change.” H Roberts

“My wife and I follow a few simple rules that allow us to sleep peacefully at night. Don’t pay interest (apart from mortgage interest and car leases), never borrow to spend (apart from a mortgage on the home you live in) and don’t spend just to keep up with neighbours. Always track and forecast your spending so you spend less than you earn.” Robert Hope

“Money worries for most people are part of life. I remember being made redundant with a mortgage with high interest payments (15pc) and not much savings. It was tough and I had to sell as the next job didn’t pay enough.” Lynn Owens

Those who’ve been at the sharp end offer some sound advice. By Adam Williams

“Cut your cloth according to your means. Everyone wants it all and more these days, but when there’s nothing left to get, what do you aim for? Bigger and better all the time, keeping up with the Joneses.” Nadine Williams

“It’s time it is realised that easy access to credit has negative consequences. Many years ago I read that one of the biggest welfare traps was debt and the fear of having to repay it once a regular pay packet started again. Being jobless brings its own mental health problems and this therefore leads to a vicious spiral.” Michael O’Donnell

“In 2009, at the height of the financial crisis, I asked my corporate bank manager which customers were causing her the most problems. She said it was lawyers. They were unable to adjust their spending and come to terms with the new realities. People want to be perceived as doing well even if it means being mired in debt.” Grant Williams