Personal Finance News

01/11/12 - Money advice in increasing demand, says study
31/10/12 - Payment barriers exist for disabled and older people, says study
31/10/12 - Gender differences apparent when financial planning
31/10/12 - Half of Brits shop with a basic credit card, says study
30/10/12 - Number of Brits sitting on forgotten direct debits - 2.68 million

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This Week's Personal Finance News Update

01/11/12 - Money advice in increasing demand, says study
31/10/12 - Payment barriers exist for disabled and older people, says study
31/10/12 - Gender differences apparent when financial planning
31/10/12 - Half of Brits shop with a basic credit card, says study
30/10/12 - Number of Brits sitting on forgotten direct debits - 2.68 million
30/10/12 - More than half of parents are unaware of Junior ISAs
30/10/12 - Over 80% of advisers name 'cost & administration' as top employer concern
30/10/12 - Brits left with £1.4bn repair bill during 'mischief week'
29/10/12 - East of England landlords at apex of yield chart
29/10/12 - Buyers more optimistic about Scottish property market

News

16/07/2012 16:04:06

Britons reduce their level of debt

New figures show that Britons have managed to reduce their debt burden in the past year, with the average amount of UK personal debt falling by over £1,500 from £8,431 to £6,926.

Overall, more than a third of Brits with debt decreased their arrears in the last year, while women are doing better than men, who have a 37 per cent higher rate of personal debt than women (£8,061 versus £5,869).

However, despite some improvement in the past year, 38 per cent are still worried about their levels of debt and the wealth management advice from Tim Moss, head of loans and debt at MoneySupermarket.com, is to seek help from a financial adviser.

"Tackling debt can be difficult, and however big or small the amount can feel like a daunting task," he said.

"For those who are feeling very worried about the burden of debt there are support services available."

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