64% of Brits preparing for financially tough 2013

Nearly two-thirds of Britons are getting ready for a tough 2013, newly-released research has found.

According to Gocompare.com, 64 per cent of peop…

Nearly two-thirds of Britons are getting ready for a tough 2013, newly-released research has found.

According to Gocompare.com, 64 per cent of people think the next 12 months are going to be taxing because of fears over their monetary situation. On top of this, 42 per cent have serious concerns about rising bills and a reduction in their quality of living.

However, UK adults also have worries about a number of other areas, including potential job losses (seven per cent), inadequate savings (eight per cent) and the cost of running a car (six per cent).

If people find they cannot keep up with their outgoings, then a debt solution may be worth considering. Consumers could regain control of their situation by taking out a debt management plan, as it allows them to reduce their monthly repayments.

In order to qualify for the measure, individuals need to have debts above £1,500, owe money to more than one creditor ?and be able to afford a £100 payment each month.

John Miles, Gocompare.com's business development director, said: "Without doubt, 2013 will be a tough year for many people as austerity measures continue to bite. Providers constantly review their pricing, so even if you think you're getting a good deal on your financial products at the moment; it is worth shopping around on a regular basis. 

"Ten minutes spent shopping around for the best deals on your outgoings could save you hundreds of pounds, giving your household budget a much needed boost."

In an effort to cut back on spending, families have pinpointed a number of areas where they will be able to make savings. Some 26 per cent plan to reduce their TV, internet, mobile and home phone bills, while 21 per cent will tackle their gas and electric bills.

Some 13 per cent are looking to cut back on the expense associated with credit card and loan interest rates.

By James Francis

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