Monday 23rd of March 2009
Debt management techniques are helping Britons save an average of more than £1,700 each year, a study has found.
Abbey Credit Cards revealed that food and entertainment are the main areas in which cutbacks are being made, with weekly spending being cut by 69 per cent and 61 per cent respectively.
Over half of respondents told the bank that they would be continuing to reduce food expenditure in the coming year, while one in three are now attempting to limit their debt by checking prices in at least five shops before making a purchase.
"At a time when people’s finances are becoming ever more stretched, it’s not surprising that Britons are becoming more astute about how they," said head of credit cards at Abbey Callum Gibson.
The research follows the bank’s findings that interest on credit cards is contributing to debt management problems in the UK, with £9 billion being charged each year.
