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PPI Claim News - 21/2/2011

 
Credit card charges: Brits expecting their financial situation to worsen

Many people may experience more credit card charges in the future as four in ten Brits believe their financial situation will get worse over then next six months.

This represents an increase of 13 per cent compared to the previous quarter.

That is according to research by R3, the insolvency trade body, which also found that 45 per cent of people are now concerned about the amount of debt they now owe.

Steven Law, R3 president, said: "Since we last carried out the survey, people have seen a rise in the cost of living, from the VAT increase; to the rise of fuel and utility costs.

"This has happened against a backdrop of pay freezes, pay cuts and, in some cases, redundancies, so it is understandable that many are feeling pessimistic about their financial outlook."

Findings reveal that credit card debt is the main source of worry, with 56 per cent of consumers saying this is an area of concern.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.
 ADNFCR-2776-ID-800417574-ADNFCR



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