Monday 20th of July 2009
More women than men in Britain are currently cutting back on spending, new research has found, although a debt management plan could support their efforts.
Around 60 per cent of females claim they already have, or plan to, rein in their high street spending, compared to 47 per cent of men, the poll by Legal & General found.
Shoppers with climbing store card balances may find that a debt management plan reduces the interest on such credit, which could make high street finances easier to keep on top of.
Garry Skelton, marketing director at Legal & General’s general insurance business, said: "The current economic climate is having an effect on most of us. While Brits are shopping around and cutting back, it’s important to ensure that any compromise does not mean losing something that is valuable."
A financial expert will oversee a debt management plan and could ensure that the most important financial commitments are still met, while less important expenditure can have its repayment period extended for longer.
However, a recent survey by moneysupermarket.com found that many Britons admit that if their monthly income increased, holidays, home improvements and nights out would be favoured over saving extra money.
By Ashley Littley
