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UK homeowners turn to credit to make ends meet

It has been revealed that in excess of 5 million homeowners in the UK are currently paying at least one of their regular household bills using their credit cards. This is a worrying development as the UK financial crisis continues to roll on and a full blown recovery in the UK economy seems further and further away. It looks as though more and more people are storing up more and more problems for themselves and in the future we could see an increase in bankruptcies and debt management arrangements.

There has also been a worrying increase in the amount of cash taken from ATMs which is effectively credit with a very hefty charge on top. Again, while many people are struggling to make ends meet the very fact they are increasing their credit card balances to cover their monthly expenditure is just delaying the inevitable. There is a feeling that the UK economic recovery is underway and will "wash away" all financial problems for many people but in reality this is not the case.

David Cameron is currently looking to cut in excess of £60 billion from the public sector budget over the next few years which will have a detrimental impact on the lives and income of many people in the UK.

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