Consumers need to be encouraged to carefully manage their finances, an expert believes, in order for them to feel a greater sense of confidence.
Rather than looking to get credit,
Credit Action director Chris Tapp suggested that the UK's residents must learn how to keep a tighter handle on their financial affairs.
He commented: "People need to get back to basics of living within their means.
"A more confident consumer is one that is in control."
Mr Tapp went on to say that the large "consumer boom" seen in the last decade was not necessarily a welcome development.
However, it is not just people's individual finances that are being stretched by the current economic climate, the expert added.
He pointed out the impact that the recession has also had on the spending power of the government and the country's businesses.
Plans for a variety of public spending cuts were announced by UK ministers earlier this week.
Posted by Tom Burroughs.
