Home > News > Debt advice

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`

Women cut back on spending to avoid debt

24/07/2009

Research by financial company Legal & General suggests that women are more likely than men to make `financial cutbacks` to stay on top of their household budget and protect themselves against debt during the recession.

Legal & General asked over 4,000 Britons what measures they were taking to help manage their household budgets. The results showed that more women than men had already made, or were thinking about making, cutbacks on some of their everyday expenses.

For example, 20% of women had cut back on trips to the hairdresser, compared with just 9% of men. In addition, 60% of women had cut back on their high street shopping to reduce the risk of debt, while just 47% of men had done this.

A spokesperson for Debt Advisers Direct commented: "It is encouraging to see that people are cutting back on their spending to avoid debt.

"Looking ahead, they should think carefully about what they could do with the money they aren`t spending. For example, anyone with outstanding debts may wish to overpay them, as this can help them save money on interest and become debt-free sooner."

---

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