Recognising and interrupting emergent patterns in spending
In 2012 the average UK personal debt (including mortgages) equalled almost 120% of an average salary. With a rise in high-interest finance and pay-day loans, how might banks offer financially sustainable methods of debt prevention that increase, rather than decrease the quality of life for those on a low income?
Signs of debt often emerge as recognisable patterns, which if disrupted, can lead to increased awareness of income and spending and reduced debt.
I identified a number of easily recognisable debt patterns – from regular overspend and erosion of funds to sporadic spend binging – creating intervention plans that would gradually increase the wealth of customers, leading to a more sustainable expenditure.