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Consumers being cautious with credit cards
28 August 2008
British consumers are spending less and saving more because of the current economic climate, claims Abbey.
Research by Abbey revealed that 5.6 million Brits have admitted to changing spending attitudes in past 18 months and when you compare savings accounts, the number of regular savers has risen by 51 per cent from 2006.
Reza Attar-Zadeh, director of savings and investments at Abbey, said: "General levels of caution about the health of the economy and job security means that it's difficult to separate consumers from their cash."
According to Mr Attar-Zadeh, people should compare credit cards if they want to get the best deal ahead of the Christmas shopping season.
"We're increasingly more likely to put any money we can spare into a savings account and with Christmas fast approaching it's wise for consumers to become more savvy with their spending habits," he added.
Since the credit crunch began, 1.4 million more now put aside money at least fortnightly, according to Abbey.
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