Spare time spending may increase debt worries

Mon, 30 Apr 2012

worries experienced by individuals in these times of economic uncertainty may be exacerbated by an increase in spare time spending.

Indeed, new research from Halifax has shown families are facing escalating costs when it comes to activities often used as a means to fill these gaps.

According to the investigation, the prices related to pastimes have jumped considerably higher than the increase in consumer price inflation.

It means these costs are now at their most expensive level for more than a decade.

Martin Ellis, economist at Halifax, noted individuals are having to pay a good deal more for some of the most popular hobbies at present.

Mr Ellis stated: "Rising transport costs have been a clear driver behind this, although all expenditure categories, apart from gardening, have seen a greater increase than that of inflation."

With household budgets already squeezed, such hikes are likely to add extra financial pressure on those already struggling with debt .

Among the activities highlighted in the study that have seen related prices shoot up are attending football matches, dining out, going to the gym and seeing new releases at the cinema.
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