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Loan claim: Consumers tighten budgets amid financial worries

Debt worries are causing an increasing number of consumers to reduce their non-essential expenditure, a new survey shows.

According to research from Santander Credit Cards, spending on partners and spouses has dropped by 20 per cent from £1,103 to £879 per year.

Overall, consumers are cutting back their spending to the tune of £8 billion a year due to concerns about the rising cost of living and other financial worries.

The survey also found that one in five respondents (22 per cent) is looking to cheaper ways to eat out and celebrate birthdays and other red letter events.

Callum Gibson, managing director at Santander Cards, said: "Inflation and other economic concerns are having a real effect on people's expenditure. In this climate, people need to spend smarter by making sure they've got the best value for their money."

Charity Citizens Advice recently urged the Office for Fair Trading to adopt a tougher stance on debt management firms that flout industry regulations by charging vulnerable consumers exorbitant fees.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-800731608-ADNFCR

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