Figures from Alliance & Leicester Savings reveals that 27.4 million consumers say they simply cannot resist a ‘bargain’, with a further quarter saying they buy things they simply don’t need.
In an effort to save money by snapping up so-called bargains, or cut-price goods, consumers are instead inadvertently fuelling their debt problems.
With a third of respondents admitting they have no money to put into savings, A&L savings manager, Mike Woodward said it was important Britons thought clearly about their debt.
“While it is great for consumers to now have the choice to buy ‘more for less’, our research has found that we’re just buying more! Instead of buying the same amount as we did before and saving money, we’re now buying things that we don’t need, just because it seems like a good deal,” he commented.
“Buying items at a reduced price isn’t translating into physically putting more money away each month,” he added.
The data showed women in particular were susceptible to becoming ‘shopaholics’, with two-fifths admitting they frequently spent more than they had intended to.
“Maybe it’s time credit was classified as a class A drug,” says David Mond, CEO of debt resolution specialists, ClearDebt.
“We believe that one of the reasons many won’t take action to deal with their debt is because they will lose access to credit whilst doing so – and they just can’t see that credit is not essential to 21st century living.”