/24-7PressRelease/ - LONDON, UK, July 07, 2007 - A research from Abbey Savings indicates that there is a huge lack of financial planning among the Brits. In the last twelve months, Brits paid out a huge 48.7 billion on unexpected bills.
The research shows that almost 4 out of 5 people faced an unbudgeted expense as they did not expect it. The most important aspect was that nearly 50 per cent used their credit cards and overdrafts to wriggle out of the unexpected situation.
Even though the credit cards are convenient to use, they are nonetheless very expensive. A better financial planning might have saved the day for many Brits. Even if you face unexpected situation, comparatively cheaper personal loans could work better than credit cards. However, you need to plan your finances.
Reza Attar-Zadeh, Head of Savings at Abbey, gave emphasis on savings. Reza said: "You never know what life is going to throw at you. However, you can prepare for the unexpected through building up a 'buffer savings fund' to help deal with these shock events."
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