Wednesday, February 18, 2009
Category:
Consolidation
According to Abbey Credit Cards, their new research indicates that the credit crunch is having a significant effect on British dining habits. It would seem that 56 percent of Britons are refraining from frequenting eateries as often in favour of eating at home.
The aforementioned behavioural changes also extend to a reduction in the number of takeaways consumed, with 44 percent cutting back on buying such meals. In addition, the research also revealed that 17 percent more Britons have started taking a packed lunch to work during the past year in an effort to reduce spending. This penny-wise decision tends to be taken by a greater proportion of women than men, at one in five and 13 percent respectively.
However, despite Britons reducing their overall expenditure on meals out, they are in turn increasing their monthly grocery spend by an average £50.96 so as to fund the higher volume of meals at home.
Callum Gibson, Head of Credit Cards at Abbey, commented: "The current economic climate means that people are looking to make cutbacks where they can to make their money go further. The Abbey Credit Card offers customers 3 per cent cashback on supermarket and petrol purchases for six months up to a maximum of £75, helping to ease the cost of food shopping for those who are eating at home more. It also offers a fantastic 0 per cent interest rate on balance transfers for nine months and purchases for three months."
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Homeowners who find their finances challenging amid the current economic conditions, may with to consider taking out a secured loan to ease the pressure. A secured debt
consolidation loan could be an option for those that have been relying on credit cards and are subsequently juggling multiple monthly repayments. Several confusing repayments could be rolled into one simple, potentially lower, repayment. Secured loans are usually available over a term to suit the borrower from 5 to 25 years, but it must be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
