Consumers keep cutting back as pressures mount

CreditorWatch expects increasing unemployment to prompt further tightening of belts among consumers. (Joel Carrett/AAP PHOTOS) (AAP)

Belts have tightened another notch as consumers cut back to combat rising interest rates and cost of living pressures.

Not only have consumers been holding back on nice-to-haves, but spending on essentials has also pulled back based on Visa transaction data.