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Loan protection news: Consumers rein in spending

Consumers - Many of whom may have been stung by loan protection charges issued by lenders - have been forced to rein in their spending on the high street.

According to the Confederation of British Industry (CBI), retailers experienced a 44 per cent slump in sales in the first two weeks of January compared with the same period last year.

Nearly a quarter of the storeowners who took part in the survey predicted that sales figures would fall even further in February, as many Britons have had little choice but to tighten their belts.

CBI's chief economic adviser Ian McCafferty said that consumers are holding off buying "big ticket items" such as fridges and washing machines in particular.

"Shoppers have reined-in spending across the board at the start of the New Year after taking advantage of early discounting last month, which boosted pre-Christmas sales," he remarked.

A recent study conducted by MoneySupermarket.com showed that Britons have stopped buying luxury items because they are increasingly worried about out-of-control utility bills.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801276730-ADNFCR



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