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Consumers are 'changing their habits'

UK consumers are adapting their spending habits to counteract the effects of the current credit crisis, according to a financial expert.

Research carried out by the building society Alliance & Leicester has found that many Brits have altered the way that they deal with their finances with many opting to change utility providers or credit cards to benefit from lower costs.

Emma Walkley, current account manager at Alliance & Leicester, said: "It is encouraging to see people are making positive changes to their spending and budgeting habits.

"This will hopefully stand them in good stead should they see their disposable income affected over the forthcoming months."

The UK's financial watchdog, the FSA, advises savers to put their savings in a safe, high-interest savings account where the money is guaranteed to grow.

It says that to ensure the growth of savings consumers should look for an account that guarantees a higher rate of interest than the rate of inflation.

See how much you could save with a Lombard Direct personal loan

© Adfero Ltd

28/05/2008 13:43:53

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