Britons urged against "high interest credit"

20/11/2008

Cash-strapped Britons have been urged against trying to finance repayments with high-interest credit by one industry expert.

Recent research by Abbey Credit Cards shows that one in ten Britons is spending 90 per cent of their salary on essentials.

This has left the average UK resident with an average of just £382.21 disposable income each month.

However, those considering financing debts with high-interest credit have been urged to rethink their approach by charity Credit Action.

The charity's spokesperson Francis Walker said: "Credit is less available and more expensive of course and the poorer you are the harder it is to get credit.

"People have got to understand that it is very expensive and if they are doing it they must only do it as a one off and not let it roll over."

Figures from the Office of National Statistics show that prices for essentials including clothing and footwear have increased in particular this year.

Tags; Debt Management and Banking,

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