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Credit Cards: A Source of DesperationThere are several millions living in the UK right now that have to use credit cards in order to supplement their income. These individuals are also using loans to help the costs in their lives. Most of the loans and credit card amounts are going to emergency issues, but that doesn’t mean all of them are. In fact at least half are using their cards or loans to pay their normal monthly bills. Alliance and Leicester decided to do a survey regarding the issue. They have found about one in six Briton’s are using the cards right now for regular bills. That is about 7.5 million of the UK residents. The credit cards charges are going to things like replacing boilers or their washing machines. These are fairly expensive items that most don’t have a savings for. About 21 percent of the Brit residents are a little better off than others in that they could have at least 100 pounds saved for this type of occurrence. 50 percent of those surveyed said they had about 500 pounds in savings, but no more than that. A whopping one in three has more than 1000 pounds that could be used in an emergency situation. About 1 in 5 has already had emergency situations that were not seen as coming and this has caused them to suffer in other areas with their finances. About half claim the money they should be saving for an emergency is not a priority option with them. In fact they are unable to save money for emergencies because they are stretched in their daily cost of living to the point they are barely holding on. This means that even a small amount each month is difficult to place in a savings account. However if you really want to save putting a very small amount a side can easily build up in no time. Back To Financial News June 2008 100 Percent Mortgages |
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