A significant number of Britons are aiming to cut back on their monthly outgoings such as loan payments to cope with the rising cost of living, new research has revealed.
The study by American Express found that almost half of people in the UK intend to "cut corners" on financial products.
According to the company, 44 per cent of Britons are most likely to cut back on family savings plans, while a further 30 per cent are planning to stop payments to their payment protection insurance provider.
The study also found 12 per cent were likely to cut their credit card payments and 11 percent admitted they were expecting to stop making payments on their personal loans.
Last month, Moneyfacts reported that loan repayments had reached their highest level in six years.
"Since August 2006 the average rate on offer for a £5K loan over three years has increased by just under three per cent, from 8.1 per cent to 11.0 per cent today," the company stated.
Rates could potentially "get much higher", it added.
Source: http://www.beatthatquote.com/