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Thursday, 26 June 2008 |
By Steve Smith
 Many Britons are forced to rely on credit and loans to meet the costs of basic areas of household maintenance, a new study from Alliance & Leicester has found.
According to statistics released by the group, around one in six people (16 per cent) of people have to rely on credit cards or other types of borrowing in order to pay for household emergencies such as replacing a broken washing machine or boiler. Furthermore, nearly half (45 per cent) of all respondents said they would not be able to spend more than 500 pounds from their own pocket to fix such household crises.
Meanwhile, five per cent of respondents claimed they would turn to relatives as a first port of call if they found themselves facing home repair costs. For an estimated 900,000 people, selling personal effects would be the easiest way to raise the cash necessary to replace or repair essential items. For those who are loath to part with TVs, stereos, PCs and other possessions, taking out a personal loan may be a less painful way to purchase new mod cons |
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Last Updated ( Thursday, 26 June 2008 )
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