Horse racing may be the sport of champions but football is the sport of the masses and it is becoming increasingly expensive to follow your team. Debt management experts count the costs of supporting a Premiership team.
Debt management in the UK is becoming increasingly precarious as living costs spiral, the housing market crawls to a standstill and the credit crunch impacts upon everyone from individuals to national institutions such as Northern Rock. Financial experts recommend a tightening of purse strings and many will need a debt management plan in order to stave off the threat of insolvency. So, where does supporting your favourite football team fit into this?
Debt Management – Don't score a financial own goal
There are already sufficient factors contributing to the credit crisis in the UK and financial experts warn that those hoping to stick to a debt management plan should be wary of picking a Premiership football team to follow. A report conducted by Virgin Money discovered that the average football fan shelled out in excess of £1000 following their favourite team last year. The costs soon spiral when it comes to supporting a football team and debt management becomes increasingly tricky. An over-reliance on credit has left many on the brink of bankruptcy and spending on football tickets, football memorabilia and food at matches soon racks up and can be a substantial financial burden.
Debt Management – Premier Pressure
The report carried out by Virgin Money discovered that, somewhat predictably, it is most expensive to support a Premiership football team and tickets would cost hundreds of pounds more per season than their lower division counterparts. However, the Virgin Money report says the gap between the divisions is narrowing. A Virgin Money spokesman stated, "2008 will be a real struggle for football fans, regardless of the team they support. People's expenditure on football will eat into their disposable income even further." In a time of ever increasing living costs, financial experts are suggesting that debt management could be doomed to failure unless those in debt decide to become armchair football fans instead.
Speak to Varden Nuttall About Debt Management
Varden Nuttall has been established for over 15 years and is dedicated to helping people in financial difficulty find a debt management solution through an Individual Voluntary Arrangement (IVA). Employing 90 people, including trained and skilled IVA administrators, we are one of the largest IVA companies in the UK and handle over 3% of all IVA applications. To find out more about the company, or to make an appointment to talk about putting an IVA in place, call us today on 0870 977 8100 or fill in our online enquiry form.