Monday 21st April 2008
Britons who use loans to live beyond their means are set for a radical change of lifestyle, it has been predicted.
According to a poll conducted by moneysupermarket.com, 15 million Britons are using loans of £35 billion to pay for aspirational goods and services such as private schooling for their children and domestic staff.
However, with the onset of the credit crunch, many of these will find that this avenue of topping up their income is closed off as banks become increasingly wary over whom they lend money to, the site warned.
Richard Mason, managing director of insurance and home services at moneysupermarket.com, said: "With the credit crunch taking hold and the housing market faltering it's worrying to see that so many people are spending and borrowing beyond their means to try to keep up with the lifestyles of others.
"Consumers need to take immediate stock of their household budgets to identify the pressure points and seek money saving opportunities."
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Loans
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