Bank refunds could help people continue to afford the luxury items they are hesitant to give up.LV= has released new statistics which revealed the average British household now spends £5,850 on 'lifestyle essentials', despite the financial restrictions imposed on some people after the banking crisis.The most popular extravagance individuals parted with their money for was holidays, as a total of £81.5 billion was spent during the 12 months preceding August 2011.Mark Jones, head of protection at LV= said: "The nation is clearly reluctant to give up what they class as 'lifestyle essentials'. And the increasing cost of these items and services is putting people under pressure financially."He was referring to statistics that show more than three-quarters of people reduced their expenditure on basic items such as food to be able to afford the luxury items.LV= recently revealed that homeowners nearing retirement have seen an average £24,651 house price decrease over the last three years.Amir HussainAmir specialises in personal loans, consumer debt and debt management.
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