Cars top list of ‘unexpected expenses’
Nearly a quarter of people admit to giving up holidays and Christmas to pay for unexpected expenses – with car costs one of the main culprits.
Research from ProvidentPersonalCredit has found that 48% of the UK considers itself to be ‘just about managing’ financially, with 15% saying they have to give up on necessities such as food and daily travel costs to pay for unexpected expenses. The survey also found that it takes the average Brit four months to pay off their unexpected expenses, however five per cent of the UK are still paying them off seven to nine months later.
One of the biggest unexpected expenses are cars, costing £226 on average a year in unexpected costs. With 54% of respondents saying they’ve had at least one car related unexpected expense last year and 18% of respondents saying they knew about the issue but left it to get steadily worse.