One in seven Brits cut up credit card or after Christmas

One in seven adults will cut up a credit card this month after the Christmas spending binge.

And four out of 10 will resolve to reduce their weekly food bill and eat out less.

Switching and ditching utilities and other suppliers is another popular move, which can save £75 a month, a poll of 2,000 people for car buying site carwow found.

A third of adults (34 per cent) say they will negotiate for a better TV and broadband package, 23 per cent will choose a new phone package, 16 per cent say they’ll take fewer holidays and seven per cent will trade in a car to reduce monthly payments.

One in seven (14 per cent) say they will cancel credit cards or switch a credit card balance, and one in 10 say they will cancel old insurance policies.

One in six say they’ll break away from the festivities early this year to focus on the serious business of saving money after a tough 2017.

Many reckon it’s the only downtime they have to think seriously about saving money.

Three in five (60 per cent) will look to buy the items they need for 2018, at post-Christmas prices.

One in three (32 per cent) will try to access the best prices on big ticket items such as white goods.

According to carwow’s customer data from its 2.5million website visitors per month, the numbers of people seeking a new car rises in January as people start to research their new car options, with a rise in traffic of 71 per cent reported between December 2016 and January 2017.

Alex Rose, head of trading at carwow, said: ‘January is the time of year when people are looking to make changes – often big ones.

‘People are taking the time over the Christmas period to look at where their money goes each month and start the new year with a financial clean bill of health.’