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Tuesday 24th June 2008
In what seems to be an ongoing trend it looks as though more and more UK consumers will be looking to plastic to fund holidays and other purchases this year. Using data obtained via a survey conducted by Sainsbury’s it is forecast that around 60% of UK consumers are looking to retain the same spending patterns and figures as last year, but more than 40% will be making more use of their credit cards. Despite warnings in the press and the rising cost of living it looks as though many UK consumers feel that they are not in financial danger.
A simple look at the ever growing mountain of personal debt in the UK should be a sharp reminder to those heading down that road, but it seems that some are ignoring the warnings. As we have seen over the last 10 years , many people seem to be spending their property ‘gains’ assuming that the funds will be there to bail them out when debts need settled. For more and more home owners in the UK there may well be a large shock when they reach crunch time.
When will the UK love affair with plastic end? |
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