Many are finding themselves resorting to alternative methods such as credit cards and overdrafts to raise funds for ‘bridging the gap’.
According to Money Supermarket, two in five consumers they surveyed openly admitted to using either an authorized overdraft or extending their current overdraft to tie them over, whilst just over 25% resorted to their credit card as a means to survive.
The comparison website’s head of banking, Kevin Mountford has commented “’The rising cost of living over the past few years has hit many people hard and it is easy from time to time to find yourself running short of cash and having to turn to existing savings or other forms of credit to tie you over”.
If you find yourself often falling short of cash, or struggling with your finances, speaking to one of our advisors here at The Debt Advisor could be a step in the right direction for you.
Recent data published by the Financial Services Authority shows ‘overdraft borrowing has become the most expensive form of bank consumer credit, with average interest rates now close to 20 per cent.
Rather than seeking comfort in overdraft extensions and credit card loans, give us call today on 0800 0851 825 to discuss your financial direction.