British consumers are still keen to shop for clothes and to treat themselves despite the worsening economic climate and the fact that millions are facing debt management difficulties.
Such is the assessment of the cahoot banking group, which carried out a poll of people from around the country and found that almost a quarter have a “shopping habit” they are reluctant to give up.
Many consumers have reduced their expenditure in other areas in order to cover the costs of their spending sprees but one in seven are adding to their debt problems or leaving bills unpaid for the same reasons.
“Despite the credit crunch, it seems the UK fashionistas are finding it hard to cure their ‘habit’,” said Matthew Timms, director at cahoot.
“Keeping on top of your finances and setting aside a specific amount each month for treats is a prudent policy,” he added.
Citizens Advice recently launched a consultation initiative designed to enable its staff to offer a more effective debt help service to struggling consumers around the country.
Written by Giles Stevenson