Brits 'taking control' of money matters - Credit cards - News - Moneyfacts


Brits 'taking control' of money matters

Brits 'taking control' of money matters

Category: Credit cards

Updated: 04/03/2009
First Published: 04/03/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Concerns over stability in the current economic climate are leading a growing number of Britons to take control of their finances, it has been suggested.

According to a study by AXA, 80 per cent of people are more likely to actively manage their own money, as debts such as credit cards bills and unsecured loans mount up.

The firm found that two-fifths of Brits are worried about their financial situation, with 20 per cent expressing concern over paying off immediate debts.

As a result, head of pensions and savings policy at AXA Steve Folkard urged consumers to seek professional advice.

With nearly three-quarters stating that they prefer to turn to other sources, he remarked: "Advice from the internet or from friends and family may be a good place to start, but we believe that professional financial advice and qualified guidance is essential."

Last week Asda revealed that 40 per cent of people think it is up to individuals rather than banks to ensure that they do not borrow too much money.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

It’s looking to be a credit Christmas

We are now less than 70 days away from Christmas, and with 70% of people admitting they haven’t started saving yet, millions will be needing to play catch-up - and plenty planning to turn to credit for some Christmas spending relief.

Can no credit score be as damaging as a bad one?

Debt is becoming an increasing problem, which is why those who have no credit commitments often feel pretty smug about it. However, while not relying on credit is admirable, having no credit score can actually be just as damaging as having a bad one.

Know your credit score – key to better borrowing

We all know how important it is to be credit savvy. It’s the only way to make credit work, which is why it’s so concerning that so few people know their credit score – and some don’t even know how much they’re borrowing.