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British reliance on gas for energy growing Small business seek cap on credit cards Lenders `told to deliver contradictory objectives` Economy shrinking ‘faster than thought’ Retailers begin sales two days early Fewer Christmas shoppers on high street Lenders cancel house price forecasts Online shopping up despite downturn 75% put ‘key life plans’ on hold ‘Excessive’ pensions to be cut 71% of households ‘have less disposable income’ Debt problems could lead to a gloomy Christmas Debt news: rent arrears expected to grow in 2009 Energy firms ‘could afford price cuts’ Debt problems could lead to a gloomy Christmas Diesel prices fall below £1 per litre Avoiding debt at Christmas Bank offers personalised loan charges Lenders set to pass on full rate cut More people facing bankruptcy

Rising cost of living `preventing family support`

29/08/2008

According to the Chelsea Building Society, the rising cost of living is stopping people giving their families financial support they would otherwise offer.

From a survey of more than 1,000 family members, 59 per cent of people would help their families but nearly 30 per cent feel they are not able to because of the cost of living.

This may be bad news for people with debt problems who would normally turn to their families for financial support.

A total of 54 per cent of immediate family members questioned said they would offer accommodation rent-free to support loved ones while 51 per cent said they would look after children to allow parents to go out to work, indicating they would be willing to help if possible.

Director of customer services at Chelsea Building Society Darren Stevens advised: "Britons should start taking control of their own finances through proper financial planning and saving, bypassing a potentially embarrassing situation within their own families."

People worried about debt problems should consider contacting a professional. Debt consolidation loans may help, while Individual Voluntary Arrangements (IVAs) may benefit those with large amounts of debt.

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