Tuesday 28th of April 2009
Consumers who may be facing debt management problems as a result of the recession are starting to haggle in order to cut back on spending, research has indicated.
A study by uSwitch.com revealed that 73 per cent of British adults have turned to bartering in an attempt to reduce outgoings.
Other debt management tactics being adopted include people cutting their own or family members’ hair (20 per cent) and using discount vouchers when paying for meals (53 per cent).
Louise Bond, personal finance manager at the price comparison site, explained that debt management is important as it is unclear how long the economic downturn will continue for.
"Battening down the financial hatches in the short term will ensure that consumers are best positioned to weather the recession in the long run," she remarked.
Recent Sainsbury’s research showed that 65 per cent of people are attempting to cut back by carrying out DIY work, rather than hire a professional for home improvements.
