Mar 9, 2023
Debt avoided by cutbacks on dining out and clothes, Barclays data shows
Consumers have developed money-saving shopping habits to help stave off problem debt as the cost of living has soared, according to Barclays. People have cut back on non-essential spending on things like clothes and dining out, data from UK debit and credit card transactions suggested. Dame Clare Moriarty, chief executive of Citizens Advice, said that, for these people, the "Cost of living crisis is turning into a debt crisis". "Some people are in a dire situation. They have sleepless nights. They can't really cope and do not know how to get out of the situation they are in."They are choosing whether to heat their home or to have a meal with their children. Matt Dronfield, managing director of Debt Free Advice, said advisers spoke 33 languages between them and often helped people negotiate with creditors as well as apply for grants and benefits.
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