Friday 1st of May 2009
Nearly three-quarters of consumers have avoided borrowing since the UK entered the recession, figures have revealed.
However, Fairinvestment.co.uk has found that many have had to go deeper into debt - with some of the remaining 26 per cent even borrowing through more than one method.
Additional credit cards have been taken on by seven per cent of people since August, while nine per cent have borrowed money for the first time.
Those who are finding it increasingly difficult to keep on top of these debts may be able to seek help through a debt management programme, as they could find that creditors agree to reduced monthly payments being made.
Meanwhile, chartered financial planner at Fairinvestment.co.uk Sharon Bratley welcomed the news that people are trying to address their situations.
"The fact that the majority of people are steering clear of getting into further debt is encouraging and a sign of the changing economic climate," she said.
Last week, Ms Bratley argued that the recent Budget announcements are unlikely to provide much support to households struggling with debt.
- Debt consolidation loans falling, figures show
- Britons 'changing attitudes' towards debt management
- Homeowners 'more concerned with debt management'
- Low interest rate 'contributing to debt management efforts'
- Debt management growing in importance, survey finds
- Family finance 'under great pressure in 2011'
