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Brits switching credit cards to cut back

Brits switching credit cards to cut back

Category: Credit cards

Updated: 23/02/2009
First Published: 23/02/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

More than a third of Britons have switched financial products in order to save money in the last year, research has found.

A poll by Abbey revealed that the average person has reduced outgoings by £139 as a result of changing to deals such as zero per cent balance credit cards.

Just 13 per cent of respondents said they had not been cutting back, with the average Brit lowering expenditure by £3,168 in the last year.

"It can be surprising how even making a few small changes to our way of living ... can add up to hundreds or even thousands of pounds in savings," said the bank's Reza Attar-Zadeh.

The most popular means of cutting back was shown to be to cut food spending, as nearly seven out of ten of those questioned stated that they had saved in this way.

It follows recent research by Cahoot, which showed that 39 per cent of consumers are spending more time at home rather than going out to socialise in order to reduce costs.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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