Monday 10th of January 2011
People already deep in the red who are considering asking individual voluntary arrangement questions may be planning to lower their outgoings in 2011 and are anticipating a frugal year ahead.
New research from Allianz UK has found 70 per cent of adults in Britain are looking to reduce their expenditure in the next year, with 12 per cent planning to make large financial cuts.
The study revealed 74 per cent want to slice their entertainment budget, 51 per cent aim to lessen their bills and 41 per cent would like to lower their food budget.
Head of Home and Motor Portfolio Management at the organisation Gareth McChesney said: "People will naturally prioritise what is important to them but there is a danger that by cutting in the wrong places Brits could be left even more at risk."
David Rodger, managing director of the Debt Advice Foundation, recently advised people to confront their debt problems sooner rather than later.
By Rachel Powell
- Debt consolidation loans falling, figures show
- Britons 'changing attitudes' towards debt management
- Homeowners 'more concerned with debt management'
- Low interest rate 'contributing to debt management efforts'
- Debt management growing in importance, survey finds
- 42% of adult children 'earning more than parents'
