- Tuesday, 30 March 2010Consumer attitudes towards
debt management have changed.
That is the opinion of the Consumer Credit Counselling Service (CCCS), a debt charity.
New statistics from the Bank of England reveal that consumer credit rose by £0.5 billion in February, while total net lending to individuals climbed by £2.1 billion.
According to Credit Action, at the end of January 2010 average consumer borrowing on credit cards, finance deals, overdrafts and unsecured personal loans rose to £4,667 per UK adult.
A spokesperson for CCCS was concerned at the levels of debt consumers still held.
"Increasing numbers of people coming to CCCS lack the means to cover basic living costs, let alone repay their debts," he said.
"Further interest rate rises and cuts in public spending will hit consumers hard. 2009 has been a year of 'pain deferred', and more households can be expected to come unstuck."
Last year the collective total of interest payments on Britain's personal debt was a massive £68.3 billion.
Effective
debt management plans could help to cut that figure and with the economy still in a delicate condition, many could seek debt advice in a bid to improve their finances.
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