Many consumers are trying to carefully budget their finances by setting themselves spending limits, research has suggested.
Personal budgets have recently been put in place by 77 per cent of people, according to
Moneybasics.co.uk survey results.
Nevertheless, the research has also shown that even those consumers with budgets appear to be spending around £154 more than they mean to each month.
Over the course of a year, this means that people are overspending a combined sum of £41 billion, the website suggests.
People may look to get credit if they spend too much money, Chris Tapp, a spokesperson for moneybasics.co.uk, commented.
He stated: "We are urging people to take real control of their finances, monitoring planned expenditure against actual spending every month to help stay on budget."
When it comes to credit, the Payments Council has this week suggested that, in real terms, there has been a drop in
credit card use in the recent past.
Posted by Martin Peacock.
