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People `sharing cost of living to avoid debt problems`

21/01/2009

Consumers in the UK are increasingly sharing the cost of living in a bid to cut down on expenditure - and potentially avoid debt problems - during the economic downturn.

This is according to research from cahoot, which suggested that 39 per cent of people questioned were spending more time at home in order to reduce their spending.

A further 19 per cent reported that they are sharing more family mealtimes so as to cut down on the amount of money they spend on food and drink.

Cahoot also suggested that Britons could save a combined total of £18 billion by sharing living costs.

"Interestingly it seems that the credit crunch is breeding something of a Blitz spirit amongst British households," stated head of cahoot Matthew Timms.

He added: "Staying in really has become the new going out as we seek to cut costs by conducting more shared activities inside the home with family and friends."

Meanwhile, another effect of the recession - according to recent comments made by Just Retirement - will be an increase in the number of people who look to equity release as a means of solving their financial problems.

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