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Older vehicles 'can help drivers save'

Despite facing higher bills and bigger mortgage repayments consumers are still spending money on luxuries to impress their peers, according to a new survey by CreditExpert.

The credit reference agency found that over a third of Brits make snap judgements on other people's wealth based on how they look and the clothes they wear.

It is not surprising then that, in spite of the credit crunch, 34 per cent have spent more than they can comfortably afford on items such as designer clothes and jewellery in order to appear better off than they really are.

Watches and shoes are also sought after items according to the research, as is a quality hair cut, and gadgets such as iPods and BlackBerries cause one in ten people to spend beyond their means to look wealthy.

Jim Hodgkins, managing director of CreditExpert, said the desire to keep up with others and the impact this can have on a person's finances is a common dilemma.

However he warned: "Using credit to fund a lifestyle you can't really afford can lead to huge financial problems."

Figures from Credit Action show that the average UK household has debts of £9,100 excluding mortgages.

Click here to see how much you could borrow with a Lombard Direct personal loan.

© Adfero Ltd

17/04/2008 17:12:44

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