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Households looking for last minute ways to cut the cost of Christmas have decided to do their festive food shop at cheaper supermarkets.

Such is the assertion of uSwitch.com, which states that seven million people have chosen this budgeting tip in order to cut their household outgoings.

Indeed, 92 per cent of shoppers will be taking advantage of buy-one-get-one-free offers in the aisles, while 80 per cent will search for money off vouchers to shave pounds from their checkout bills.

Commenting on the findings, Ann Robinson, director of consumer policy at the website, says: "Simple steps such as switching to an interest-free credit card or lower rate loan, moving to a cheaper insurer or to a value for money utility supplier, can cut your bills and put money back in your pocket."

Indeed, secured loans may have a lower annual percentage rate than other loans in the market, which could make them an attractive financial option for cash-strapped consumers.

Meanwhile, AXA recently claimed that 707,637 Britons have turned to secured loans in order to boost their finances.