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Ever regretted buying something you couldn't afford? You're not alone

Posted 31 July 2013

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New research indicates that the majority of people in the UK have experienced buyer's remorse for a range of reasons, including being unable to afford the item in question. Debt Advisory Centre has help and advice for those who are struggling.

We all know the feeling. You get a purchase home and then you realise - you shouldn't have bought it in the first place.

If you've ever felt the sting of buyer's remorse, you're not alone. According to our new research, a whopping 82% of us in the UK have regretted a purchase at some time or another. That's equivalent to over 40 million people!

Sometimes, regretting a purchase is just a minor annoyance. The biggest reason we found for buyer's remorse is that we didn't really need the item (32% of the time). Sometimes it isn't suitable - for example, it doesn't fit or you decide you don't like it (22%) - or it's just rarely / never used (19%). At other times, the item is just poor quality or broken (12%).

But sometimes, people regret their purchases because they couldn't really afford them. About 6 million people (15% of people who've experienced buyer's remorse) have regretted buying something because of the cost.

When does overspending become a problem?

Here at Debt Advisory Centre, we know that over-commitment is one of the main causes of debt problems - along with things like relationship breakdown, divorce and job loss. If you feel like you've lost control of your finances, it's important to seek expert advice as soon as you can.

When you contact Debt Advisory Centre, you'll be put through to one of our friendly debt experts. They'll listen to your situation and suggest ways it could be put right. They will never judge you; they are only here to help. For help finding the solution to your debt problems, just fill out the form below.

What do we do about buyer's remorse?

It's interesting to note what people tend to do after regretting a purchase. It might not be what you'd expect.

Over half (57%) of us just keep the offending item. We shove it away in our wardrobe, shed or loft and just forget about it. Other popular options include giving it away (18%) or selling it on (16%).

Although most retailers operate free returns policies, only 8% of us actually return items for a refund.

Further Information

•  Debt Management Plans
•  Individual Voluntary Arrangements (IVA)
•  Debt Relief Orders (DRO)

by Shelley Bowers

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