People plan sending cuts in a bid to reduce debts

A recent survey shows that a third of Brits intend to cut their spending in 2012 in order to reduce debts because of fears over the economy, report the Debt Advisory Line.

In a study carried out by independent think tank, the Resolution Foundation, around a quarter of adults expect their household finances to get worse this year and one third of adults are planning to slash their spending; a significant rise compared to only 19% in October.

More adults are also saying they are now saving and planning to pay down their debts.

Debt Advisory Line, an award winning debt management company, has seen a large increase in the number of calls to their debt advice centres already this year, with customers wanting to get a grip of their finances in 2012.

Jim Rowley, managing director at Debt Advisory Line, said:

“Our increase in callers is testament to the fact that times are incredibly hard at the moment and many people are desperately trying to cut costs this year and keep their spending down.

"We have seen a large increase in the number of callers citing the failing economy and the effect it will have on their finances whether this is benefits related or due to salary cuts and job losses.

"We are trained to deal with these cases empathetically and offer support and advice to concerned customers.”