Impulse buying may ‘affect debt management’

With the bank holiday weekend approaching, Britons are being warned against impulse buying of furniture.

According to Consumer Direct, those who purchase large items, such as sofas and beds, to find they are unable to physically get them into their home may not be able to get a refund, which as a result could impact upon debt management as they have paid money for something they are unable to use.

Operations manager Carol Brady said: "Buying furniture on impulse can be particularly troublesome. You’d be surprised how many people buy large items of furniture without first taking measurements.

"If you buy a sofa and then realise it won’t fit through your front door you have no automatic right to a refund."

Meanwhile, consumers have also been warned that once a sale or finance agreement has been signed they will not have an "automatic cooling off period".

Earlier this month, research by Skipton Building Society indicated that families are spending thousands of pounds on impulse gifts to compensate for a lack of time spent with their children.

The study revealed ten per cent of parents spend at least £2,400 on the likes of sweets and toys, a figure which could impact upon their ability to make repayments on personal loans.

Interfinancial providing you with breaking debt management news.