Remember that magazine subscription you took out and never used? You are not alone as many other Brits regard some direct debits as a waste of money.
According to the Portman Building Society 57 per cent of people have taken out a direct debit for something that they later consider to be bad value for money.
Magazine subscriptions came top of the list at 40 per cent, followed by gym membership (35 per cent), life insurance (21 per cent) and internet connection (19 per cent).
At a time when many families are reining in their spending Portman is urging people to look at these unused direct debits where they could be wasting hundreds of pounds.
Helen Shaw, communications manager for Portman, said: "Annual gym memberships that last only as long as New Year’s Resolutions, magazine subscriptions that are never read and other poor value investments mean that Britons literally waste millions of pounds a year.”
She added: “We would encourage Britons to think twice before signing up to a service or product you may regret a few months later. The best value direct debit would be one that goes directly into a savings account!"
Brits though were prepared to tighten their belts when it came to giving up luxuries with eating out and clothes shopping topping the list of things that would be the first to go in a crisis. To read more about banking, click here.
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