How to beat the debt and credit catch-22
ONE of the key messages from Chancellor George Osborne’s Budget speech last month was that the economy is picking up and that things are improving for us Brits. However new findings indicate that for many people, the reality is very different.08 April 2014
Nine million households believe their debts are going to increase. They already rely on credit to fund everyday spending for transport, insurance and energy.
This figure comes from research by MoneySupermarket.com, which found that of the 32 million Brits with existing unsecured borrowing, such as cards, overdrafts or loans, nine million will move even further into the red to cope this year.
Further figures show almost one in 10 will rely on plastic to pay for their transport costs, and six per cent to cover their utility bills, while another six per cent will fall back on credit to pay for their insurance.