Consumer spending 'resilient'

Despite the strain some household budgets may be under as a result of the current economic climate, consumer spending remains resilient.

Around one in three Brits believe now is a good time to make significant household purchases, although there is more caution surrounding big ticket items such as a new property or car.

New research from Nationwide suggested this could be the case and it was added the country's economic situation might be exacerbated by the ongoing eurozone debt crisis.

One way in which some people could consider taking action to ease the impact these circumstances have on their finances is to set a strict budget plan, which may help build a credit rating if regular outgoings become easier to sustain as a result.

This may be particularly relevant for those who are experiencing pay freezes or who may be just breaking even on their salary in the current economic climate. 

Posted by Tom Burroughs