Hobbyists ‘conducting credit debt management’
Article Category: Debt Management Help and Advice
Britons are avoiding running up debts on their credit cards as they look to fund an expensive hobby later in life, it has been claimed.
Christine Foyster, head of wealth management marketing at Friends Provident, comments on findings published by the firm that show 32 per cent of Britons spend more than £250 each year on their main pastime.
And with six per cent facing four times the debt risk by spending over £1,000 annually, money management is recommended by Ms Foyster.
“It is encouraging to find that many people are using their savings or their wages to fund their hobbies, rather than paying with credit cards or loans,” she asserts.
“Parents and grandparents would do well to start saving when a child is born to be able to afford the expensive pastimes when they are older.”
Musicians were recently reminded by Pavilion Insurance Management of the need to take out liability insurance if using their instrument to make money.
Standard contents insurance might not cover issues such as injuries caused by instruments while on stage, according to the firm’s Monica Dougall - potentially putting the owner at risk of having to pay for any claims which arise.
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