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Women cut back on spending to avoid debt

24/07/2009

Research by financial company Legal & General suggests that women are more likely than men to make `financial cutbacks` to stay on top of their household budget and protect themselves against debt during the recession.

Legal & General asked over 4,000 Britons what measures they were taking to help manage their household budgets. The results showed that more women than men had already made, or were thinking about making, cutbacks on some of their everyday expenses.

For example, 20% of women had cut back on trips to the hairdresser, compared with just 9% of men. In addition, 60% of women had cut back on their high street shopping to reduce the risk of debt, while just 47% of men had done this.

A spokesperson for Debt Advisers Direct commented: "It is encouraging to see that people are cutting back on their spending to avoid debt.

"Looking ahead, they should think carefully about what they could do with the money they aren`t spending. For example, anyone with outstanding debts may wish to overpay them, as this can help them save money on interest and become debt-free sooner."

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

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