UK Money News
14th May 2008
Brits urged to not over-rely on credit
Using credit to help cope with the rising cost of day to day living should only be a short term measure, a financial education charity has warned.
Chris Tapp, director of Credit Action, was moved to issue the warning in the wake of rising prices for energy and food, which are squeezing household finances and could be prompting more people to use loans and credit cards to manage their money.
However, while this may be "a reasonable option in the short-term" it is likely to cause real difficulty if consumers over-rely on borrowing, he said.
Instead, Mr Tapp claims, consumers should attempt to cut down on their living costs and budget more effectively.
"If you are a little bit more disciplined about how you do your spending you can find that you can actually stretch your money a lot further so you don’t have to give up doing lots of things that you want to do, you just have to make sure you are using your money sensibly and budgeting is really key to that," he advised.
According to Capital Economics, as reported by the BBC, the share of household income spent on food, bills and other unavoidable costs has risen to 31 per cent from 25 per cent over the past six years.
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