Household bill increases dent consumer confidence
Published On 8 November 2006
Substantial increases in utility and other household bills have been followed by a dent in consumer confidence, according to a new survey.The latest Personal Credit Index from CreditExpert has found that 17 per cent of the adult population in Britain – eight million people in total – have cut back on spending to cope with the rising cost of everyday household spending.
It was also revealed that more than four in ten adults (41 per cent) stated they are worried about the ordinary running costs of a household.
Over half of those surveyed (54 per cent) said they had changed their spending behaviour to cope with these increases by cutting back on spending or reducing their savings.
Jim Hodgkins, managing director of CreditExpert, said: "The recent increases in household bills have hit many people hard and caused them to cut back on their spending.
"The latest Personal Credit Index also reveals that many adults have increased their borrowings in the last quarter – and they could be borrowing even more in coming months to see themselves through the festive period."
