Thursday 30th of April 2009
Britons are making a conscious effort to live within their means as a result of the credit crunch, a study has indicated.
According to Abbey, 58 per cent are now more likely to choose simple, ‘no frills’ goods - either by choice or through necessity.
However, those who have struggled to keep on top of their expenditure and now find themselves facing large amounts of debt may find that more is needed.
Debt management and IVA advice is available to help these consumers assess the best options for getting back on their feet, which could benefit those having difficulty switching to the ‘no frills’ lifestyle.
Abbey’s Roger Lovering noted that the efforts being made are "encouraging", as keeping track of expenditure is important in preventing the need for debt help.
"It’s no surprise to see Britons reassessing their spending habits at a time when every penny counts," he remarked.
The British Retail Consortium recently noted that sales have been declining as people become more aware of the possibility that they could need to turn to debt solutions in the future.
- House price rise 'may not indicate recovery'
- Equity release 'needs to be increased'
- Need for IVA help could increase as expert predicts reduction in lending
- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- IVA questions might assist Brits after a luxurious lifestyle
