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Brits cutting back to avoid debt problems

Brits cutting back to avoid debt problems

- Friday, 26 March 2010

The vast majority of British people have made changes to their spending patterns to prevent getting into debt and having to find debt solutions, new research has revealed.

Over 80 per cent of the respondents to Santander’s survey revealed that they had recently made changes to their financial outlays in order to reduce their spending.

Extrapolated across the population that represents a massive 40 million Britons cutting back.

Helen Blerton, head of Santander current accounts, said: “Forty million people are still feeling the pinch and trying to find ways of slashing their outgoings to cut back.”

Over half of the respondents were shopping around for the best grocery deals and more than a fifth had started to take a packed lunch to work.

Measures include, Blerton continued, “starting a ‘make do and mend’ culture, buying second hand goods on eBay and in charity shops, or reducing household help and cutting their children’s pocket money.”

With many budgets already stretched to breaking point, experts recommend that those in danger of being overwhelmed by debt problems should seek professional debt advice as early as possible.ADNFCR-2300-ID-19691172-ADNFCR
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