Friday, June 12, 2009
Category:
Consolidation
New research from Abbey Credit Cards has revealed that Brits are now opting for a ‘no frills’ approach to spending in a bid to get through the credit crunch. This has involved people stepping away from grandiose or complex purchases.
For 57 percent, ‘no frills’ products are thought to be basic but good value for money. However, 22 percent would describe such a product as being in line with what it says on the tin. Further to the research, the top five ‘no frills’ products were revealed along with the percentage of adults in the UK that would be happy to purchase them. These include: household products at 73 percent, food at 65 percent, toiletries at 50 percent, clothes at 44 percent, and holidays at 42 percent.
Compared to 12 months ago, 58 percent of those surveyed said that they are now more inclined to spend their money on ‘no frills’ products. Those under the 20 years of age were found to be most prone to making such purchases, while this is true of 61 percent of women and 54 percent of men. For 30 percent, this approach to spending has always been part and parcel of their lives.
Managing Director of Abbey Credit Cards, Roger Lovering, said: "It's no surprise to see Britons reassessing their spending habits at a time when every penny counts, and it's encouraging that so many of us are embracing the ‘no frills' lifestyle. In today's difficult economic climate, reviewing your monthly expenditure to find ways you can make your money go further is absolutely essential, which is why straightforward, good value products are the order of the day."
In addition to the findings above, the research also showed a regular annual increase in the propensity of people to buy second-hand items. In particular, the purchase of second-hand ‘white goods’ has been subject to a 5 percent rise from 30 percent to 35 percent.
……………………………………………………………………………………………………
Homeowners who are struggling to keep their finances in the black as a result of the recession may wish to consider taking out a debt
consolidation loan. This finance option could be a consideration to those that are juggling expensive, personal loan repayments each month. A debt consolidation loan could be used to lower total existing outgoings by tying up these debts into one manageable monthly repayment over a longer period of time. When taking out a debt consolidation loan, it must be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
