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"Many relying on credit cards to pay for basic breakdowns"

By admin | August 26th, 2008 | Credit Cards

As anyone with gadgets an appliances in their home will know there are often times when products such as these break down or stop working properly and need to be repaired and often this comes at a time when you really don’t have the cash to fund repairs on items. Things are even more difficult at present because most households are really suffering in terms of their budgets due to rising living costs, soaring petrol prices, and high price of food, and this has made it more difficult for consumers to put money aside to fund emergencies.

As a result of this it appears that more and more people are now turning to their credit cards in order to fund the cost of carrying out emergency repairs on gadgets and appliances, and for some this could mean paying huge amounts of interest and could potentially result in spiralling debt levels. The research was recently carried out by the Alliance and Leicester.

One industry official stressed the importance of trying to put money aside to fund emergencies such as these, stating: “We would encourage people to start saving sooner rather than later to avoid a basic household emergency becoming a financial headache.”

In a breakdown of the survey results it was found that around seven million people have had to rely on their credit cards to pay for the repair of gadgets and appliances in the home. Over half of those polled in the survey said that they would not have the ready cash to fund repairs amounting to £500 or more.

Around a fifth of respondents said that they would not have the cash to fund the cost of repairs amounting to £100 or more. And around 8% of those polled said that they had no idea how they would pay for emergency repairs on gadgets and appliances within the home.

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