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1 in 3 'planning financial overhaul'
A third of people plan to completely revise their personal finances in light of the global credit crunch to see if they can get a better deal on products like personal loans, a new survey has found.
The study, from insurer Friends Provident, found that three-quarters of those undertaking a financial overhaul believe it will save them money, with 23 per cent expecting to save more than £500.
Making a budget was the top priority for 41 per cent of those on an economy drive, with another 14 per cent planning to cut their spending on things like hobbies and going out. Some 13 per cent intended to cut up their credit cards, while ten per cent think the answer could be a better paid job.
Friends Provident director of marketing James Ward said the figures show the credit crunch is already having psychological as well as financial effects on consumers.
"Our research found that 40 per cent of people are worrying more about their finances because of the credit crunch," he said.
According to financial advice site the Thrifty Scot, one way for customers to tackle the credit crunch is to consolidate their existing debts into a single repayment via a low-cost personal loan.