Alliance & Leicester: Credit cards used for basic breakdowns

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Alliance & Leicester: Credit cards used for basic breakdowns

According to new research from Alliance & Leicester, some 7.5 million people in the UK are forced to rely on credit cards to fund basic household breakdowns.

Nearly half the respondents in its survey said they would be able to afford no more than £500 if an emergency arose, while eight per cent admitted to having no idea of how they would cover the cost of something breaking down.

Meanwhile, one in five people reported that they would struggle to pay out for something that cost over £100.

With the average price of a new washing machine coming in at £300 and a new boiler typically costing in excess of £1,000, some people could find themselves in a difficult situation in the event of a breakdown.

Hetal Parmar, manager for savings at Alliance & Leicester, commented: "We would encourage people to start saving sooner rather than later to avoid a basic household emergency becoming a financial headache."

Certain types of home insurance will cover breakdowns in the home of items such as dishwashers or boilers.
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