Economy 'should force people to save'

Fri 16 Nov 2007 4pm

British consumers have been urged to recognise that the current period of "economic uncertainty" is making loans and credit card markets more insecure.

Credit Action is advising UK people to think carefully about their finances, particularly in light of the recent credit crunch and fast-approaching Christmas period, which is traditionally a time of increased spending.

Director of Credit Action Chris Tapp said that many consumers will have to "tighten their belts" over Christmas and into the new year if they are to come to terms with the reduced amount of credit available.

He explained: "The fact that credit is harder to come by and the credit that is available is more expensive is going to force people to save.

"What we are urging people to do is to think now - at the start of November - work out how much they can afford to spend on Christmas and try to stick to that budget."

Research from Cornhill Direct has stated that one-third of British people go into debt at Christmas every year.

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