Many Brits are living beyond their means as they struggle to attain luxury lifestyles as they strive to live like their favourite celebrity.

A new report has revealed that this love of luxury means that one in three have nothing left in their bank account at the end of the month with 4.8 million spending more than they earn. Nine million manage to break even with their finances whilst the average consumer has just £157 left to spend on essentials.

Consumers accrue more and more debt as they adopt the "work hard, spend hard" attitude in order to finance their luxury lifestyles, a trend which has increased significantly over the past ten years as the so-called "celebrity lifestyles" has become more attainable.

Spending on non-essential items has soared at 2.5 times the rate of inflation and debt repayments have soared by 104% as almost six million consumers turn to either a loan or credit card, or both, to meet their monthly overheads and debt problems as salaries cannot keep up with the luxury lifestyles they crave.

On average, research found that UK adults are in debt for over £10,300 (£12631 for men and £7982 for women) not including mortgages. The average woman will be debt free by her late forties while it takes the average working man until he is over 52 to clear his debt.

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Article referenced from http://www.fairinvestment.co.uk/loans-news-Celebrity-lifestyles-see-Brits-living-beyond-their-means-1072.html