Brits forced to add to debt to cover emergencies
Brits forced to add to debt to cover emergencies
Wednesday 11th June 2008
In a poll conducted by Alliance & Leicester, 16 per cent of respondents admitted that their lack of savings would mean they would have to fund the cost of dealing with the emergency with a credit card or loan.
Meanwhile, five per cent said they would go cap in hand to a friend or relative to ask to borrow money, while nearly a million people said they would opt to sell some of their possessions.
Hetal Parmar, manager for savings at Alliance & Leicester, commented: "The reality of being a homeowner means that at some point you will inevitably have to pay out for repairs such as broken boilers and faulty appliances.
"We would encourage people to start saving sooner rather than later to avoid a basic household emergency becoming a financial headache."
The survey comes amid mounting fears that millions of Britons lack of preparedness for an economic downturn and reliance on debt to fund their lifestyle will lead to a huge rise in the number of people falling into problem debt this year.
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