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Press Release Category Business - Financial - Release Date: July 23, 2007

Brits spending loan money in pointless purchasing

July 23, 2007
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A recent research reveals that Britons have spent over £169 billion in useless buying using borrowed money.

PR9.NET July 23, 2007 - London - Since credit cards and unsecured loans are widely available in the UK financial market, many Brits are wasting their money in senseless shopping.

A study from Abbey Savings shows that an average consumer has made pointless purchasing worth £3,700 using credit cards and personal loans. People had bought items like clothes, games consoles and gym equipment that were never taken out of their boxes.
The study pointed out that around one-fourth of Britons own a piece of exercise equipment and bicycle that are hardly bought to use.

The fact that credit is available so easily in the market makes people think seldom before buying redundant items, using the credit cards and fast unsecured loans.

Reza Attar Zadeh, Abbey's Head of Savings, stated: "It seems that the majority of Brits aren't making their assets work hard enough for them. With 64% of UK adults having bought a big ticket 'pointless purchase', we'd recommend that people consider carefully where they are investing their hard earned cash."

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