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People budget more
02 September 2008
As the credit crunch continues to squeeze Britain's savings accounts, consumers are resorting to budgeting in order to stay in the black, claims a new study.
Research by PayPal revealed that 57 per cent of people say that they now budget more strictly and more frequently compared to 12 months ago, while 62 per cent review their budgets on a monthly basis.
Carl Scheible, managing director of PayPal UK, said: "With energy prices soaring, mortgage payments still high and the cost of food increasing at a record pace it is encouraging to see people reacting to this."
According to Mr Scheible, it is worrying that some consumers have to rely on their balance transfer credit cards in order to pay monthly bills.
"The consequences of this kind of strategy are soaring credit card bills and no savings to fall back on, which is dangerous territory," he added.
PayPal discovered that eight per cent of people budget everyday to ensure that their finances balance.
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