Households being more careful with finances, suggests expert

Increasing numbers of people are now being much more careful with their personal finances according to the product and marketing director at Santander Cards.

Gail Goldie has suggested that because of the limiting and wide-ranging effects of the recession, people are increasingly taking much more care with their finances and making their money go further.

According to the recent PricewaterhouseCoopers’ Precious Plastic 2012 report, the average UK household currently has approximately £7,900 of debt, although the levels of unsecured borrowing fell for a third year by over £355 per household in 2011.

Ms Goldie said: “We absolutely are seeing that people are increasingly paying down debts and are looking to be a bit more focused on managing their finances.

“People still have a need and want to have the facility to borrow sometimes, when appropriate – but equally people are focused on how they can get more out of their spending.”

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