Financing advice recommended for overspending Brits

Mon, 22 Jan 2007

British consumers have been urged to get financing advice to ensure they do not fritter away money needlessly in 2007.

According to a study by financial services provider Yorkshire Bank, 30 per cent of people admit that they spend more than £100 every month on items that they do not strictly need.

This may include items such as branded clothing, footwear, CDs, MP3 players and games consoles.

Moreover, it appears that some credit card holders may not be fully aware of what different forms of credit may be costing them.

According to the banking institution, 84 per cent of store card holders say that they do not know what interest rates they are paying - although repayments could be postponed if the card holder transferred their debts to a 0 % credit card.

"It's a sad state of affairs that Brits have let their personal finances get so out of shape," commented Stephen Porter, senior marketing manager at Yorkshire Bank.

"That's why we're encouraging anybody to come and see one of our experts so that we can take a holistic view of their finances."

Financial advisors typically offer support with a range of financing issues, including credit cards, store cards, mortgages, savings and personal loans.



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