Consumers need to be aware that there is no such thing as free credit, a credit union trade association has warned.
According to Abcul, there needs to be an emphasis on educating people in good saving and borrowing habits.
“For many people,
“Everyone should be aware that there is no such thing as free credit and that if they borrow on a
According to the Family Resources Survey in 2005-06, on average, 97 per cent of households had at least one type of saving account.
The most commonly held account was a
Borrowers may be watching the results of this week’s meeting of the Bank of England’s monetary policy committee closely, as any change in the base rate could affect their financial circumstances.
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