Drivers’ disinterest ‘posing debt risk’
Article Category: Debt Management Help and Advice
Motorists are facing a growing risk of developing a debt problem as car insurance premiums continue to rise, according to Sainsbury’s Bank.
And while many could stand to save by switching to another provider, the financial services firm notes a reluctance to employ such debt management techniques.
One in five of the respondents to a recent Sainsbury’s Bank survey revealed they obtain only one quote when renewing their insurance cover.
“Premiums have been rising steadily and it has been predicted that, this year, they could increase by as much as ten per cent,” states car insurance manager Lucy Hunter.
“However, by shopping around, you can still reduce your premiums significantly.”
The under-25s are facing the greatest debt risk as their average premium costs have jumped by 11.2 per cent in the past 12 months, the bank adds.
Meanwhile, 25 to 34-year-olds were recently identified as the age group most likely to raid their savings in order to clear debts, in figures from Birmingham Midshires.
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