Millions of us are cutting back on the sweeter things in life such as going out for a meal, gym membership, the cinema and nights out because of the current credit crisis it has been claimed.
The first three months of the year have seen the biggest household spending cuts since 2001 say the Confederation of British Industry.
The unwanted cut backs are a result of the ever-increasing cost of living arising from gas, water, electricity, council tax, food, petrol, diesel and mortgage increases over the past 12 months which affects every household in the UK.
The CBI’s top economist, Ian McCafferty, issued a bleak warning to the service sectors of the British industry. ‘Consumers are reining in spending on leisure, entertainment and eating out,’ he said. ‘Service sector firms are concerned about their business prospects.’
‘Travel operators were the only sector to report a rise in turnover in the first quarter of 2008.’
People are more likely to take a well-earned break as rising costs put greater demand on household spending,’ said McCafferty.
These words of warning are the most recent indication that spiralling bills and mortgages are putting UK families under unbearable pressure.
Richard Topping, a debt counsellor for East Midland based Revialforyou.co.uk, has experienced the increase in pressure for local households as the number of people applying for financial advice on how to solve debt problem has risen steadily in the last 3-6 months.
If you are struggling and would like to discuss the options available to you then call 0800 011 3606 to get free, no obligation advice or visit www.revivalforyou.co.uk