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Credit card charges: Financial wellbeing falls in first quarter

People experiencing credit card charges may not be surprised to hear that financial wellbeing fell during the first quarter of 2011.

Alliance Trust's UK Financial Reality Index dropped from 80.9 seen in the last three months of 2010, down to 75.8.

The company claims that this was driven by declines in both the economic background and the net wealth components.

Shona Dobbie, head of the Alliance Trust Research Centre, said, "The decline … is disappointing as it more than reverses the gain recorded in Q4.

"Households continue to face a number of headwinds, including elevated unemployment, continued rises in basic costs and high debt levels.

"On top of this, economic activity slowed, house prices declined further and stock market performance weakened."

She said that these factors suggest that household spending will remain muted in the coming months and that further pressure will be placed on households because of cuts to fiscal spending.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-800507776-ADNFCR

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