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Recession makes Brits savvy spenders
According to Ed Bowsher, head of consumer finance at lovemoney.com, it has forced people to really think hard about where their cash is going and if they are getting the most for their money.
He suggested that a lot of consumers have found that many bank products are too expensive and offer poor value.
Indeed this seems to be supported by the annual uSwitch Credit Card Satisfaction Survey, which revealed that customer satisfaction is at its lowest for five years.
On average, people were only 77 per cent happy with the services and fees of their credit card provider.
Plus, none of the major high street banks won the top spot for satisfaction for any of the 11 categories for the third consecutive year.
Michael Ossei, personal finance expert at uSwitch.com, said that people are no longer happy to put up with poor service and are voting with their feet, meaning many are moving away from the high street.
But whether the products are loans or credit cards, consumers are more aware of what they do and do not want.
"More people now understand how dangerous debt can be. They'll be keen to save more and borrow less," Mr Bowsher explained, although he conceded that this is not always possible, particularly in the tough jobs market.
"Unemployment will probably carry on rising for a while yet. And if you don't have a job, it's hard to keep your debt under control."
But if people are stuggling with debt, he warned them against trying to resolve the issue by borrowing more and insisted that they seek free debt advice.
Robbing Peter to pay Paul will only worsen a debt problem and cause people to fall into a downward spiral of borrowing.
If you find you're struggling with debt contact Moneyextra. Our advice is immediate with no waiting time and no appointment needed
Moneyextra.com recommends you take independent financial advice before acting on any article
Back2012-01-24 12:42:55 © Moneyextra.com
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