Using price comparison sites could be a good way for Brits to find cheaper deals on their car and breakdown insurance after people have been advised that a "rebalancing" is needed to ensure they save more.
Charles Davis, an economist at the Centre for Economic and Business Research (CEBR), says that as banks are becoming more cautious with their lending people should think about cutting down on their consumption so they do not end up out of pocket.
He said: "The indication is that the savings ratio needs to come up from its current historic lows and that means people would be tightening their belts in terms of consumption."
According to the Credit Action, personal debt in the UK at the end of August was £1,448 billion, which is an increase of 6.2 per cent over the past 12 months.
At the same time, consumer credit lending had reached £232 billion.
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