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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`

Consumers in East Midlands `relying less on debt to fund lives`

26/02/2009

People living in the East Midlands are generally using credit to a lesser extent than they were prior to the economic downturn.

This is according to research conducted by The Nottingham, which suggested that people in the area have reduced their spending.

The firm claims that 50 per cent of consumers questioned were cutting back on dining out and on purchasing clothes.

Meanwhile, one in four reported that they are now travelling to work on the bus instead of using a car.

In addition, 28 per cent of respondents said they are swapping well-known branded foods for cheaper alternatives.

"For many years we have had a live now and pay later attitude," stated The Nottingham`s Lorraine Giddings.

She added: "So it is great to see that people are starting to return to the traditional approach of putting money aside for a rainy day."

Last month, Nick O`Reilly, president of insolvency trade body R3, said that the adults of today have been led to believe that they can have anything they desire on credit without experiencing any ill consequences.

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