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Latest News
<< Most Recent Articles
2008 spending cuts to be taken by over half of Brits
Millions of people in the UK are preparing to cut back on their spending as a result of the ongoing credit crunch, according to one financial comparison website.
Some 26.3 million consumers have stated that they are going to tighten their belts, with many people claiming that they intend to reduce spending on basic necessities such as food, MoneyExpert.com's research has shown.
Food expenditure is to be cut by 23 per cent of people, while 31 per cent stated that they will spend less on clothing and 16 per cent said they would not be able to have a holiday this year.
People struggling financially have been advised by the company to get their borrowing under control and to cut debts. This may be achieved through a consolidation loan.
Sean Gardiner, spokesperson for MoneyExpert.com, said: "There is … a risk that we could talk ourselves into a recession by panicking unnecessarily.
"Certainly anyone who is struggling financially should be taking action but that has always been the case."
Debt concerns have resulted in some 6.5 million people turning to consolidation loans to keep their borrowing under control in the last three years, according to research recently conducted by the website.
See how much you could save with a consolidation loan from Lombard Direct.
© Adfero Ltd
31/03/2008 14:40:53
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