The Average Brit Is 15 Days Away From "Financial Meltdown" by Finance News Bulletin

Published: 17/01/07

New research just published indicates that, if they were to lose their work or be unable to work during the Christmas festive season, the average UK family is now a mere 15 existence away from financial meltdownDespite the fact that the standard UK homeowner is currently experiencing a 10 percent rise in their monthly mortgage repayments, following the recent speed rises announced by the have an account of England, and notwithstanding that utility bills have risen, on average, 5 percent in the last six months, Brits will nevertheless spend more over the approaching Christmas festive period than at any other timeCommenting on the combined result of higher mortgage repayments, additional utility bills, and increased spending on Christmas revels, Nigel Brittle, of Combined cover, part of the Aon Corporation, said, “We’ve been tracking the cost of living in the UK for the history 12 months and have found that the number of days a person could stay alive financially without an income is getting lesser Six months ago, it was 17 days to financial meltdown and today it’s just 15 days

”Moreover, research approved out on a example of 2,000 households in the UK recently published by YouGov shows the standard Brit is currently having to use £115 of their monthly salary on credit card repayments and a further £59 a month in individual loan repayments in spite of this, alarmingly a report published F&C indicates that 17 percent of UK parents and grandparents will however elect to finance their record Christmas spending on their credit cards and/or by applying for personal loans to make sure that their loved ones don’t miss out on the celebratory spiritAll of this uncontrolled celebratory spending has lead a number of consumer supervisory body groups to become concerned that Brits are now letting their debt “snowball”According to Chris Tapp, connect director at Credit Action, the record levels of celebratory spending this year comes in spite of the fact that one in eight UK households has not yet managed to repay the credit card and personal loan debt they shaped to pay for their Christmas 2006 spending

To limit the debt problems UK households will no hesitation make for themselves during the remainder of the year, Mr Tapp urges consumers to have a monetarily sound holiday season if they wish to ensure that 2007 really is a Good New day by realistically budgeting their new year spendingAnd we should always remember that New day discount sales are now around the corner – when we’ll no doubt want to have some money in our pockets to pick up some succulent bargainsDid you know that switching lenders can save you money

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