Secured loans 'could help to pay for DIY'

A secured loan could be useful for financing home improvement work after it was revealed that some £5.3 billion was spent on DIY using credit cards in the last year.

UK payments association Apacs said today that a total of £11.87 billion was spent in DIY outlets using credit and debit cards from August 2007 to July 2008.

And while these methods can be convenient, credit cards often charge higher interest rates than home improvement loans. The average spend on a credit card was £69.36, Apacs found.

Sandra Quinn, Apacs' director of communications, said DIY enthusiasts appeared to be using plastic for "essential purchases in specialist stores - particularly in the month of May this year making the most of the good weather to carry out those home improvements".

Those planning to undertake DIY work in the coming months may benefit by considering secured loans or going online to compare different products.

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