When you get lured in by that must-have product which cannot wait for tomorrow, chances are you may whip out the plastic and not think about the additional cost of interest or perhaps charges for going over your credit limit?

Next time, take a moment and think, could I/should I save for the item? Not only will you avoid additional interest and charges on the debt, but it might actually make you feel good…!

According to figures published by the Yorkshire Bank, three-quarters of Brits now believe that saving up for a costly item is “more satisfying” than getting into debt by purchasing it on credit.

This could be a direct result of the credit crunch, as more people are spending less to keep an eye on their finances so they don’t struggle with debt. 73% of those polled said that they are opting to be “more careful” with their money so that they won’t need to seek debt advice later on.