10.3m 'reliant on borrowing to cover costs'

New research from the Post Office has suggested that 10.3m British citizens are reliant on credit - potentially including loans - to pay for everyday living expenses.

In its latest Consumer Credit Report, the Post Office said that the figure reflected the extent of the impact the credit crunch has had on consumers.

It added that 2.6 million people were planning to spend more on their credit cards this year than they did last year.

It also warned consumers to ensure they get the best possible deal on credit to avoid overpaying on interest and risking getting into debt.

A loans expert for Think Money said: "Credit can be a very good source of additional funds if it's used correctly, but borrowers should be sure that they can afford repayments and that they are getting the best available deal.

"For people looking for a loan, for example, speaking to a professional loans adviser can improve the chances of finding the best interest rates, which could save them a lot of money overall."

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Think Money work with a panel of lenders to offer a range of loans. If you are thinking about getting a loan, contact one of our expert loan advisers today.

Tags: loan, loans, lending, borrowing, borrow, loan to cover costs, credit, credit card, credit cards, credit report, consumer credit report, Post Office

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