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79 per cent of Brits hit by unexpected expenses
London (online-unsecured-loans) June 22, 2007: A research from a leading financial provider reveals that more than half of the Brits who encountered unexpected expenses in the last year resorted to borrowing through credit cards.
The research shows that overall 79 per cent of people in the UK faced unanticipated expenses. More than half of them relied on credit cards, another form of unsecured debt. The biggest reason forcing Brits to use credit cards was the home repairs – around 36 per cent spent £1,206 each.
Only 69 per cent of those living in Wales and the south-west experienced an unexpected expense over the last year, making them the better budgeters and financial planners - compared with a national average of 79 per cent. Overall, the research shows that there is a huge lack of financial planning among the Brits.
No doubt, the credit cards are convenient to use but they are also very expensive. A better financial planning and comparatively cheap unsecured loans could work better than credit cards. But, people first need to plan their finances.
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