Debt-struck Britons ‘the real fashion victims’
The term “fashion victim” may have a whole new meaning for debt-struck Britons, according to Scottish Widows.
Figures published by the financial services provider suggests that consumers waste over £6,000 on unwanted clothing over their lifetime, with the firm advising those with debt problems to curb their spending.
Some £6,044 is spent on average on clothes and shoes which are unlikely to be worn, Scottish Widows found.
But a spokesperson for the company advises debt-struck Britons to invest the money more wisely - in a high-interest savings account.
“For the same cost of that absolute ‘must-have’ new top or trousers you spot in the sales this year, you could be putting some money aside for your future instead,” states Mike Hoban, customer and brand marketing director at Scottish Widows.
“By simply taking a few moments to consider whether you actually need to buy the item in the first place, you’ll be able to cut down on non-essential purchases.”
Previous research conducted by uSwitch.com identified Birmingham as the most shopaholic city in the UK.
Those who cannot stop spending could still benefit from advice on debt consolidation management.
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