Wednesday 29th of April 2009
Consumers planning to make improvements to their home have been advised to assess the best way to finance them.
According to Unbiased.co.uk, a quarter of people are planning to invest in their property, with some motivated by a desire to add value as prices have fallen.
However, with five per cent of 18 to 34-year-olds intending to use credit cards or loans to pay for work, the site warned that the plans could create debt management problems.
Richard Winder, spokesperson for Unbiased.co.uk, said it is "encouraging" that homeowners are not being "beaten" by the economic downturn.
But he added: "We would urge anyone planning to invest significant sums of money into their home to seek advice on how best to finance these renovations in the current climate."
A recent uSwitch.com study indicated that cutting back on spending is helping people with their debt management efforts, as 73 per cent of Britons have bartered over prices in order to reduce their outgoings.
