Monday 18th of May 2009
Britons are increasingly aiming to avoid debt problems in the current economic climate, according to an expert.
Recent figures from Apacs - the UK payments association - revealed that credit card repayments in the first quarter of the year stood at £29.6 billion, while £30.3 billion was borrowed.
And Neil Munroe, external affairs director Equifax, noted that consumers are attempting to reduce the amount they owe.
"Maybe there is an expectation that their job may not be as secure as it was and therefore people don’t want to be caught out with no job and [high] borrowing still," he remarked.
Those who have built up significant amounts of debt and are therefore struggling to repay may wish to consider a debt management programme, as these can enable borrowers to establish more affordable plans to reduce what they owe.
Credit Action recently revealed that the typical household with an unsecured loan owes a total of more than £21,000, not including mortgages.
