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Loan refunds: Brits turning to savings to avoid credit card charges

Loan refunds could come in handy to people across the UK who are having to turn to their savings in order to avoid using their credit cards to pay for everyday items.

Research by moneysupermarket.com has revealed that a fifth (19 per cent) of Brits are using their savings rather than risk incurring credit card charges.

The price comparison website also found that the most common option for cash-strapped Brits was to use their authorised overdraft (26 per cent), while eight per cent borrow from friends or family.

Kevin Mountford, head of banking at the website, said: "It's encouraging to see households tightening their belts and behaving responsibly when it comes to their finances.

"Finding smart ways to spend is important at the moment and utilising savings rather than borrowing is a good option for many households. It shows the importance of having some savings put aside in the event of a rainy day."

He added that consumers who use their authorised overdraft should ensure they understand the terms and conditions involved and shop around for the best rates, as this can end up being an expensive way of borrowing if they do not.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.


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