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More than 4 million fear they`ll be made redundant Consumers took on more mortgage debt in July Debts called in by parents Teenagers `scared of debt` Rising household costs could pressure people in debt Pensions debt may impact workers` retirement funds Welsh young adults `at highest risk of debt problems` Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive`

Britons cutting back to avoid debt

24/02/2009

A survey by Abbey Savings has found that `the vast majority of Britons` are cutting back on their spending in order to cope with the effects of the recession.

69% have reduced the money they spend on food – by an average of £17.10 per week – by buying cheaper brands and shopping at cheaper supermarkets. And 35% have started using a less expensive financial product, such as 0% credit cards.

As londonstockexchange.com reports, people aged 18-35 have cut their living expenses by £826 more than people in the over-55 age range.

"People clearly have to cut back on their spending when their income falls," said a spokesperson for Debt Advisers Direct. "But what`s encouraging about these figures is that they indicate many people are cutting back before their income falls, rather than waiting until they have no choice.

"The more they can save – whether they use that money to pay off debts or avoid debt altogether – the better they`ll be placed to cope with any problems they run into in these troubled times."

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according