Brits 'taking precautions' to avoid debt
Brits 'taking precautions' to avoid debt
Wednesday 24th December 2008
Darren Cook, spokesperson for Moneyfacts, said that a large number of Britons are now aware of the full impact of the credit crunch and are being more sensible with their money as a result.
He explained that, with people bracing themselves for a difficult period in 2009, the number of people spending on credit cards and loans this Christmas is likely to be lower than in previous years.
"People have become a bit more prudent about how they are going to spend their funds," Mr Cook said.
"Everyone is aware there is going to be tough times ahead, so I think lots of people are … taking precautions so they don't get into trouble in 2009," he added.
Mr Cook also said Britons will be more careful with their "disposable income" this Christmas.
Recent research from Norwich Union found that 63 per cent of UK residents believe this Christmas will be more meaningful due to the reduced emphasis on spending.
News article brought to you by Debt1 – UK debt management specialists.
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