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Life insurance needed to cover debt

Date: Wed, 26 Apr 2006

Brits are set to double the amount of money spent on credit cards over the next months and should therefore consider life insurance.

New figures from Morgan Stanley estimate that credit card spending on DIY improvements and holidays are set to increase rapidly as the weather starts to improve. It is estimated that the average Briton is likely to spend over the next 12 weeks a total of £1,225 on their credit cards- compared with the £645 spent over the last three months.

"After the lull in spending in the new year, we are now seeing a rise in spending on DIY and holidays as we hit the bank holiday season," said Patrick Muir, marketing director for the Morgan Stanley credit card.

He added: "These results show that across the board, people are comfortable using their credit cards for all types of purchases, often making the most of cashback schemes and being rewarded for the things that they buy anyway."

However, anyone with significant debt or an outstanding mortgage are advised to make sure they have sufficient life insurance cover in order to ensure financial security for loved ones.


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