Expert: Better to raid savings for kitchen quotes

Expert: Better to raid savings for kitchen quotes Borrowing for kitchen quotes is not advised by financial experts.People who are looking to carry out home improvement projects and seek kitchen quotes have been told that it is better to raid their savings than to borrow money at sky-high rates.

A spokesperson for Candidmoney.com, said that around a third of savings accounts are paying 0.1 per cent or less annual interest, whereas the average credit card and overdraft charge is standing at over 16 per cent interest.

"The combination of higher taxes and public spending cuts will lead to more and more of us feeling the pinch over the next few years, so it's likely an increasing number of people will need to dip into their savings," the representative stated.

He added that the other big threat to savers is inflation, which reduces the future purchasing power of people's money.

However, those looking for kitchen quotes were recently told of the benefit of seeking out a professional designer, with Richard Siren from Pen & Hammer stating that there is more to home improvement that just picking a colour scheme.

Posted by Glenn Derbyshire ADNFCR-2394-ID-800038913-ADNFCR

Article Added: 25/08/2010 10:11:36

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