Britons cut back as household costs rise
Nov 17, 2006
Growing numbers of Britons are experiencing the rising costs of running a household.
Research from CreditExpert found that eight million people in Britain have already cut back on their spending to cope with rising costs such as higher energy and mortgage bills.
More than four in ten adults said that they were concerned about household costs and 54 per cent said that they had changed their behaviour to cope, for example by saving energy or reducing their savings.
With savings depleted by rising costs, some Britons may choose to take out a secured loan to pay for larger expenses, with 21 per cent of adults saying that they have taken out credit such as a loan in the past two years, down from 27 per cent a year ago.
CreditExpert said their latest Personal Credit Index showed that many adults had increased their borrowing in the last quarter, with some likely to borrow more to get through the festive period. People need to keep on top of their financial situation and be prepared for any unexpected payments, he advised.
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