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Loan refunds: Brits 'hitting affordability tipping point'

Almost half of all Brits make loan claims, incur credit card charges or take on debts in other way to make it through the month.

This is according to research from the MoneySupermarket.com Affordability Tipping Point report, which also found that if the average UK household's monthly outgoings grew by £50, 36 per cent of all respondents said this additional expense would be impossible for them to meet.

A total of 44 per cent of British adults said they are now utilising credit more frequently to help them get through the month, with 24 per cent making additional credit card claims and 17 per cent using authorised overdrafts.

Furthermore, 79 per cent of all households are budgeting, while 41 per cent have curtailed their expenditure on new clothes to cope with day-to-day expenses.

Recent investigations by Bright Grey found that on average, 41.22 per cent of a person's income is taken in tax, while housing costs an additional 14.96 per cent of their wage.

"As news of rising costs continue to hit consumers, all the signs suggest that 2012 is set to be another tough year for many households," personal finance expert at MoneySupermarket.com Clare Francis remarked.

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801435230-ADNFCR



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