Brits 'rely on credit as recession rumbles on'

Brits 'rely on credit as recession rumbles on'It may seem to many as though the UK has been stuck in recession for ever, but although the economy has in fact just been in this status for 362 days, many people are still struggling.

Indeed, according to research from the Post Office, 12 million Britons are now forced to rely on credit to pay for their day to day living costs.

Furthermore, over 2.6 million credit card users plan to use their plastic more in January 2010 than they did during the same month last year.

And one in five respondents believe it will take them over a year to pay off their existing debts from 2009.

This month, 38 per cent of UK adults plan to use their credits to pay for items such as groceries, which is an eight per cent increase since last year.

However, Britons looking for a home in the capital may wish to choose flats to rent in Blackheath or another area, as the price of rent is likely to be lower than paying for a mortgage in the same place.

Taking such action may see more consumers successfully taking steps to ease their reliance on credit and pay off their debts.

Written by Charles Mackay

Published 20th January, 2010

© 2010 Estates IT Limited

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After 362 days spent living in a recession, some 12 million Britons are now reliant on credit to fund their day to day outgoings, it has been found, although property to rent in London may see them saving money.

Brits 'rely on credit as recession rumbles on'

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