16 August 2005
Most people who lose their jobs would have to default on their credit card bills, a survey has found.
As many as 59 per cent of people said they would not be able to keep up credit card repayments in the event they lost their income.
At the same time, 33 per cent said they would depend on their credit cards to provide them with credit in case of emergency.
In a salutary message to consumers, researchers said that the evidence was a reminder to save for all eventualities, and to use credit cards sensibly.
Nigel Brittle, of Combined Insurance, said: "As a general rule of thumb, the equivalent of three months' salary put aside to guard against any unforeseen circumstances is generally a good level of protection for most people.
"Losing your income through illness or injury won't stop the bills coming in. Debts will still have to be paid and food will still have to be bought."
Use uSwitch's impartial calculator to compare all credit cards and find the card to suit your needs.
© 2008 Adfero Ltd
Content for the uSwitch.com market news service is provided by a third party, Adfero Ltd. Whilst uSwitch.com makes reasonable efforts to check the reliability of this content, uSwitch.com does not guarantee the accuracy thereof or endorse the views or opinions given by Adfero Ltd, unless expressly stated otherwise.