Tuesday 16th of June 2009
The recession is likely to bring about a change in attitudes as people attempt to avoid the need for debt help, an expert has suggested.
Laith Khalaf, pensions analyst at Hargreaves Lansdown, noted that consumers may be more reluctant to borrow following the problems seen during the economic downturn.
He explained that people have been more concerned with debt than savings, as they attempt to pay off what they owe while at the same time worrying about pay cuts and job losses - problems a debt management plan may help in overcoming.
But Mr Khalaf predicted that borrowing in order to fund spending could fall, stating: "Hopefully one of the good things that will come out of the current climate is that people do realise that they need to save more."
It comes after research from HSBC revealed nearly a fifth of people in the UK have used savings in order to pay off their debt.
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