Debt management could aid UK recession recovery
Debt management could aid UK recession recovery
Monday 7th September 2009
According to the insolvency trade body R3, Britons need to begin repaying the £1.458 billion (as of June) of cumulative debt if the nation is to recover from the economic downturn on a comparable timescale to its European counterparts.
It is suggested by R3 that the current level of debt is preventing Britain from returning to growth.
President of R3 Peter Sargent said: "Other European economies like France and Germany may well be coming out of the recession already and appear to be recovering fairly rapidly but the UK economy could be left behind.
"One of the reasons for this is because of the amount of debt we are carrying, it's like a ball and chain around our ankles."
He went on to say that the best way for the British public to aid a nationwide recovery was to avoid further loans and pay back their largest debts.
Mr Sargent added: "People quite frankly need to stop borrowing money right now and begin repaying their existing debts and the best thing to do is to pay off your most expensive debt first."
People looking to return to credit could consider speaking to a debt management specialist.
According to the Bank of England, net lending to individuals fell by £600 million in July - the first time a net repayment has been registered since the series' inception.
News article brought to you by Debt1 – UK debt management specialists
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