Budget planning 'may require cutbacks'

Brits attempting to build a credit rating might find the rising cost of living makes it more difficult to keep on top of their day-to-day expenses.

One way in which such a situation could be resolved is by ensuring any bill payments are made on time and addressed as a top priority, which could mean some people may have to make some cutbacks in order to achieve this.

Indeed, sticking to the limit of a credit card can indicate the holder is responsible with their borrowing and can help improve a credit rating.

Research conducted by Ipsos Market & Opinion Research International on behalf of the Resolution Foundation found 32 per cent of UK adults intend to take this kind of action over the next 12 months.

This figure increased to 38 per cent when applied to individuals in full-time work, which could suggest a significant portion of the population is in a similar financial position.

Posted by Tom Burroughs