Over one in four Brits have increased borrowing since recession
A total of 26% of Brits have borrowed more money since the beginning of the recession, according to a recent study.
Over one in four Brits have increased borrowing since recession”
Of those who increased borrowing, 7% have taken out an additional credit card, the investigation revealed.
Another 6% have taken loans from friends and family, according to the survey by Fairinvestment.co.uk.
The study also showed that 4% of respondents have taken out their first credit card since the beginning of the recession.
Last year £60.7 billion of retail spending was put on credit cards in the UK, according to statistics released yesterday by Apacs.
Chartered financial planner at Fairinvestment.co.uk, Sharon Brately said: "For those who are considering taking out a loan or credit card, it is important to gather information and compare the whole market to make sure they are getting the best available deal for their circumstances."
Over a quarter of those surveyed said that they would pay off existing debts if they had cash left at the end of the month.
Written by Sam Dawson ©
