Experian CreditExpert Reveals Many Relying on Credit to Fund Lifestyles
Experian CreditExpert has revealed results of a new study that shows a significant number of 18 to 34 year olds rely on credit to fund their lifestyles.

LONDON, ENGLAND, November 26, 2010 /24-7PressRelease/ -- Experian CreditExpert is encouraging Brits to take more control of their personal finances following the admission by millions of Brits that they are heavily dependent on credit. This is according to the latest research by Experian, the global information services company, which released the research as part of Financial Planning Week (22nd - 28th November).

Despite the current economic climate and Government austerity measures, the Experian research highlights some worrying spending habits, with over half (51%) of 18 to 34 year olds describing their spending style as spontaneous, adhering to the motto of 'If I see something I like, I'll buy it straight away.'

In order to avoid this 'creditaholic' behaviour, it is important for consumers to review their credit report regularly to help them to stay in control of their borrowing. Most importantly, building and maintaining an excellent credit history can help to save money in the future, because the cheapest credit deals are often reserved for customers with the highest credit scores. CreditExpert from Experian offers complete online access to credit reports to help monitor the effect any spending has on credit ratings, helping customers to manage their financial situation and ensure a positive impact on future applications.

Other key statistics from the Experian study point to 18 to 34 year olds as the biggest 'creditaholic' culprits, with over a third of this age bracket (36%) admitting to using their credit cards as a financial buffer before pay day. Adding to this, over a third (34%) of 18 to 34 year olds currently have between GBP2,500 - GBP4,999 outstanding debts to repay including overdraft, credit cards, store cards and loans, but excluding mortgage payments.

When it comes to the gender divide, men appear to be less financially proactive. Men (24%) are almost three times more likely than women (9%) to wait for at least one reminder before paying their monthly bills.

Peter Turner, Experian spokesperson said: "When applying for credit it's incredibly important to know your limits and what you can afford. Review your finances before you apply for new credit - work out your living expenses, go through your statements and check your credit report. This should give you a clear idea of the size of additional repayments you can afford."

Nick Cann, CEO of the Institute of Financial Planning, said: "The effects of the rising cost of living, pay freezes and possible interest rate rises mean it's more important than ever for people to get into good habits when it comes to planning their finances. That's what Financial Planning Week is all about, and useful ideas and tips such as these from Experian, are a great way to help people take control of their money - and their lives."

Financial Planning Week aims to raise the awareness of the benefits of Financial Planning, whether it is through some simple Financial Planning steps or working with a professional Financial Planner. The week is run by the Institute of Financial Planning, a not for profit professional body who work to help people across the UK realise the importance of Financial Planning in their lives.

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Lucy Davies
Experian Interactive
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