- Friday, 7 May 2010Attitudes towards
debt management have changed as consumers become more cautious about borrowing and spending, claims a debt expert.
Joanna Elson, chief executive of the Money Advice Trust, believes that there will always be those who need to turn to a
debt management plan but said views about debt have changed.
She said: "We think the general attitude to debt has changed, people are now more cautious about borrowing and spending, and think through the consequences of getting themselves in debt."
Ms Elson added that whoever forms the new government could help deal with the problem through educating the young, to avoid high levels of debt occurring in the future.
The charity has seen an increase in the number of people calling their helpline for advice, in some cases about
debt management, as a result of the recession and restrictions in lending.
Credit action revealed on May 4th that average household debt in the UK is £8,976 excluding mortgages, a figure that rises to £18,324 if unsecured loans are considered too.
Most borrowers who get help early enough are able to pay off the money they owe through effective
debt management and advice, states Ms Elson.
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