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One in six `rely on credit for household repairs`
11 June 2008
As many as one in every six British people have to rely on credit for basic household breakdowns due to a lack of savings, a new report has uncovered.
Research from Alliance & Leicester found that 16 per cent of Brits have to use credit cards in order to pay for essential maintenance, despite tightening lending criteria.
The UK`s debt problems continue to shine through as the study found that 45 per cent confessed that they could afford no more than £500 if an emergency occurred, while eight per cent did not know how they would cover the cost of something breaking down.
Hetal Parmar, manager for savings at Alliance & Leicester, said: "We would encourage people to start saving sooner rather than later to avoid a basic household emergency becoming a financial headache."
Last month, research by the insurer found that over half of Brits are struggling to keep up with the rising cost of living.
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