Reports reveal that the majority of the population regularly overspend, prompting concerns over financial management and the likelihood of consumers falling into serious debt.

Figures published by Credit Expert show that more than 80 per cent of the population regularly overspend, leading many Brits to have to resort to extreme measures such as bankruptcy and individual voluntary arrangements (IVA).

Credit Expert highlights figures that a quarter (24 per cent) of the population find difficulty in controlling their spending and understanding financial matters while ten per cent have missed repayments on credit cards, store cards, loans or mortgages.

Meanwhile nine per cent have taken out a new credit card to pay existing credit card debts and five per cent have entered an IVA, declared themselves bankrupt or considered doing so.

"What this research seems to expose is a serious lack of understanding of the long-term consequences of these actions," commented Jim Hodgkins, managing director of CreditExpert.co.uk.

"We feel it's imperative that people fully realise the implications of not managing their finances properly."

The government's Insolvency Service recently reported that a record 30,075 went bankrupt or entered an IVA in the first quarter of 2007.

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