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"Financially challenged" consumers with debt problems without sufficient savings may have to look very closely at what they spend if the affects of the credit crunch continue, an industry expert has warned.
Speaking after last week`s decision by the Bank of England to reduce interest rates by 0.25 per cent, David Kuo claimed that the need to save money is greater than ever as credit becomes increasingly difficult to obtain.
Mr Kuo, head of personal finance at Fool, said that using credit cards to "tide you over" may not be sufficient if the current level of spending - and the tightening of credit procedures - continues.
He added: "Aside from what is going on in the mortgage market, people are finding it increasingly difficult to get hold of credit cards and it means that you don`t have any kind of flexible loan available to plan from one month to the next."
