Debt management could help further reduce credit card bills
Debt management could help further reduce credit card bills
Thursday 25th June 2009
According to the research, 37 per cent of people trying to spend less on credit have done so in order to reduce their debt.
In total, 14.6 million people have reduced their spending by £100 per month. Seeking professional debt management help could increase this figure further.
Furthermore, 25 per cent said they wanted to increase their savings, 18 per cent said they wished to be less reliant on credit and 16 per cent admitted they planned to use their credit cards less in the future.
Debra Williams, spokesperson for Tescocompare.com, said the shift in attitude towards tackling debt was a good thing.
She said: "In the current climate it's encouraging to see so many consumers taking significant steps to reduce their reliance on credit."
However, whilst 44 per cent of the population is trying to reduce their spending habits and cut back on debt, one in three has no intention on implementing credit card cut backs.
A total of 4.8 million people saw their outstanding credit card balances rise by an average of £412 in the last six months.
Of this number, seven per cent admitted they relied on their credit card to fund their lifestyle and 11 per cent said they would be unable to cope financially without it.
With approximately 330,000 jobs expected to be lost in the business services sector in the next four years, according to the Centre for Economics and Business Research, debt management advice could help those with reliance on credit prepare for the worst.
News article brought to you by Debt1 – UK debt management specialists.
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