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Bank loans: Using short-term debt to cover price increases is a 'recipe for disaster'

Britons who take out short-term bank loans to cover the rising cost of living are asking for trouble, according to an expert.

Mark Bower, managing director of price comparison website moneymaxim.co.uk, claimed that many UK consumers are still striving to live their previous lifestyle even if it is not realistic to do so.

"There will undoubtedly be many who are postponing the pain of these increases by using short term debt, but this is likely to be a recipe for disaster," he said.

"It's very unlikely that the current price and tax increases are going to be reversed in the short term, so really it's essential that householders adjust their spending patterns now to take into account their reduced budget."

Mr Bower added that some Britons are already looking to cut the cost of certain essentials such as insurance fees and utility bills.

Around four in five Brits currently have money worries, according to research by The Co-operative Financial Services. 

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.ADNFCR-2776-ID-800601172-ADNFCR



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