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Creditfix LB 03-2017

UK Consumers Cutting Back After Christmas

UK consumers are planning to cut back on spending following Christmas, with one in seven even planning to take the drastic step of cutting up a credit card.

According to a survey of 2,000 people carried out by car buying website carwow, around 40 per cent will also resolve to cut their weekly food bill and eat out less in the new year.

Other popular ways of reducing spending included switching utilities and other regular suppliers, with 34 per cent saying that they will be looking to negotiate a better TV and broadband package, and 23 per cent intending to choose a new phone package.

A further 16 per cent of those polled aimed to take fewer holidays in 2018, whilst 14 per cent planned to cancel credit cards or switch balances. Trading in their car to reduce monthly payments was intended by 7 per cent of those taking part in the survey.

While many are cutting back on spending, others are planning ahead for the year, with 60 per cent aiming to buy many of the items they need for 2018 at bargain post-Christmas prices.

Around a third will be looking to make large purchases such as white goods while prices are advantageous.

It seems that for many people Christmas is the only quiet time that they have to look at finances, with one in six breaking away from the festive period to concentrate on saving money in the new year.

According to carwow, the number of people seeking a new car rises in January as people start to research their new car options, with a rise in traffic of 71 per cent reported between December 2016 and January 2017.

Head of trading at carwow, Alex Rose, said: ‘January is the time of year when people are looking to make changes – often big ones.

‘People are taking the time over the Christmas period to look at where their money goes each month and start the new year with a financial clean bill of health.’

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