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Consumers `increasingly experiencing debt problems` Over-50s `better at managing credit card debt` New banking rules `may restrict access to loans` UK `must reduce consumer debt` 700k `on Debt Management Plans` Recession `could lead to financial problems for retirees` Charity sees increase in debt, mortgage and loan arrear enquiries Retirees` finances `may be damaged by rate cut` Consumers `aiming to reduce spending` People `increasingly turning to illegal loans` Children raised in credit crunch `may be better able to manage money` Many parents `pushed into debt by adult children` Young people `failing to protect themselves for debt repayments` Consumers in East Midlands `relying less on debt to fund lives` Plans set out to help people in debt PPI ban `could leave consumers without loan cover` Govt `must step in to stop debt addiction` Cash-strapped Brits `see fraud as more acceptable` People `should not rely on mortgage rescue plan` Consumers `to take out £3bn in debt consolidation loans by Easter`

Financial pressures `will see consumers hold back at Christmas`

11/11/2008

Due to the financial pressures being felt in the UK currently, many consumers are planning on reining in their festive celebrations this year.

This is the finding of research conducted by Yorkshire Bank, which found that 79 per cent of people questioned - potentially including those facing high level debt - will not be hosting a Christmas party this year.

Meanwhile, it was also found that 22 per cent of respondents plan to wear previous years` outfits in a bid to save cash.

Commenting on the findings, Gary Lumby, Yorkshire Bank`s head of banking, said: "The party season usually provides a welcome relief at the end of the year but it seems that many of us intend to scale back our plans this Christmas."

He added that working out a budget for the festive season is a good way of ensuring that overspending does not occur.

In other news, Steve Folkard of AXA recently said that as a result of the high cost of living in the UK, many consumers are currently unable to build up savings.

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