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Average Brit pays for four items on finance

Your Money
Written By:
Your Money
Posted:
Updated:
23/07/2013

The average Brit now has four items that they paid for on finance, but 89% of them regret making the purchase in the first place.

Discount website myvouchercodes.co.uk surveyed over 2,100 people from the UK aged 18 and over on their outgoings and debt.

The majority, 59%, said they had at least one item they currently pay for on finance.

The top five most common products paid for on finance are:

  • Sofas – 28% 
  • Cars – 25% 
  • Laptops/Tablets – 19% 
  • Beds – 16% 
  • Clothes – 11%

The average respondent owed £455.60 in repayments altogether. When asked if they regretted getting items on finance, 89% said yes.

Mark Pearson, chairman of MyVoucherCodes.co.uk, said: “Buying things on finance is just like a glorified loan. It might sound appealing to get something right now and pay later, but these deals can be deadly. If you can’t afford to pay for something up front, it probably means you should reconsider buying it.

“The best way to buy expensive items like furniture or a new vehicle is to save a little each month. Once your savings grow, you’ll soon find that you can afford the items you wanted. However, finance on cars is never a good idea.

“Particularly where brand new cars are concerned, they lose value as soon as you drive them off the forecourt, so I’d suggest going down the second hand root instead. Always careful consider any purchase before you make it and ask yourself if it’s entirely necessary!”