Money worries result in millions slashing their spending
Research from comparison site MoneyExpert has revealed that households are slashing spending and dipping into their savings because money is so tight.The report shows over 26.3 million adults are planning to cut their spending this year as fears about the credit squeeze hit home.
Sean Gardner of MoneyExpert said the credit squeeze is moving on from being something that just affects bankers to having real effects on real people in the real economy.
Many are set to cut their outgoings with 23% of those surveyed say they intend to reduce their food bill over the next 12 months. 31% will spend less on clothes, 32% will reduce expenditure on going out and entertainment, 12% will not buy a car as planned and 6% are cancelling plans to move house.
Furthermore, 20% said they will not have an overseas summer holiday this year while 16% will not have a summer holiday at all.
Many had hoped for continued rising in property prices but last week, the Nationwide announced a further fall in property prices. The price of the average home has fallen by almost £7,000 since October, according to the Nationwide.
There is worse to come, according to one expert, property prices could fall to as much as 30% over the next few years. Reports show that homeowners are also seeing the cost of their mortgage increase and are finding it more difficult to borrow money on credit cards or by taking out a loan.
Research shows that British consumers owe more than £1.3 trillion on loans, credit cards and overdrafts.
FH Debt Solutions can help you get back in control of your debts. Our highly trained advisors are always happy to help. Our Debt Management Plans & IVAs have already helped thousands of people on their way to becoming debt free.
Call Our Debt Management Helpline Today On 0800 389 6339
FH Debt Solutions are licensed Debt Adjusters and are Data Protection registered. We have partnerships with Licensed Insolvency Practitioners, Credit Brokers and Mortgage Brokers.
There are a large number of companies out there offering services but charging percentage fees on a month by month basis. These fees can be 15% of you overall payment. E.G. payment is £300 their fee is £45. FH Debt Solutions believes in being realistic with charges. We have built up strong relationships with creditors over the years that have helped give our customers a quicker and more effective service. Fees are based on work load, not the amount of debt you owe.
FH Debt Solutions is a partnership. The partners bring many years of experience in the Debt Management field. By working for other Debt Management companies, the partners found gaps in service, reliability, customer satisfaction and overpricing. Using our knowledge and listening to what customers want, FH Debt Solutions was formed.
All customers have an appointed member of staff to deal with their case from start to end. This helps us keep our service high and queries low.
Being in debt is stressful. FH Debt Solutions gives its customers a sympathetic, professional and stress free alternative to their debt problems, and with the office always open, you can call at a time that's convenient to you.
