Savvy spending advised for furniture financing

With furniture spending on the increase over the past ten years, Britons are being advised by one financial provider to avoid shelling out more money than necessary.

According to a study by Halifax Credit Cards, spending on furniture and furnishings has increased by 86 per cent over the last decade with the average household spending some £531 on this area a year.

However, Ken Stannard, head of Halifax Credit Cards, suggested that by choosing uncompetitive credit cards and other forms of unsecured borrowing, Britons could find themselves with debt management difficulties in the future.

He said: "When it comes to furnishings, we all love filling our homes with creature comforts but this shouldn’t leave you with empty pockets or paying high interest for months afterwards."

Earlier this month, Consumer Direct warned homeowners against buying large items of furniture on impulse as if they are unable to fit it into their homes they are unlikely to be able to receive a refund - which in turn could affect debt management and secured loanrepayments.

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