30% of UK credit buyers are actively reviewing the particulars of their financial commitments, as a response to worldwide credit tightening.
According to one of the UK’s leading insurers, British consumers are sourcing new, more competitive alternatives to a number of commonly used products such as loans, credit cards and a wide and varying array of insurance products. More than 75% of Brits believe that this proactive approach to beating the credit markets, will definitely save them an undefined amount of money, with the remaining 25% predicting annual savings in excess of £400.00.
Brits have also become more conscious of their money management skills; with close to half of people surveyed stating that they had recently set up a stricter personal budgets, and more than 1/10th of people are attempting to cut back on their monthly socialising spend. An additional 15% of people had stated that they planned to steer well clear of any new credit in 08.
A spokesperson for the insurer commented that media speculation and interpretation of the credit squeeze is having a far bigger affect on the consumer, than the actual affects of the squeeze itself. Individuals who are likely to remain completely unaffected by the current economic condition are unjustly staying well away from the credit market, with almost 2/3rds of the populace estimated to fall into this bracket. It is likely that should a recession take place within Britain, media persuasion would have played a significant role.
