UK Money News
6th May 2008
Consumers cut spending as crunch cuts lines of credit
Lenders' unwillingness to clear customers for credit cards and personal loans is forcing millions of Britons to curb their spending this year, a new survey suggests.
In a poll conducted by Fairinvestment.co.uk, some 23 per cent of those surveyed said they intend to cut back on luxuries this year.
Meanwhile, 16 per cent of respondents said they would be giving up a holiday this year in order to trim their outgoings.
Others said they were reacting to the crunch by taking a more proactive approach to their money, 13 per cent switching energy suppliers and 4 per cent changing their mobile phone contracts.
Director at Fairinvestment.co.uk, David Doulton said: "Our research shows that those who are finding that money is tighter are taking action as opposed to getting into debt.
"This is good news - without making sacrifices, many households will find themselves treading water, increased energy bills and mortgage rates make this inevitable for many during the credit crisis."
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