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A Christmas of debt management recovery

A Christmas of debt management recovery

- Friday, 17 April 2009

Britons spent the run-up to Christmas 2008 focusing on debt management solutions, according to new statistics.

Data from independent financial adviser website Unbiased.co.uk indicates that the UK's total savings fell towards the latter half of the year.

However, this trend was accompanied by one of debt management recovery.

In each of the last two quarters of 2008, total borrowing in the UK, not including mortgages, fell by around £30 billion.

The fourth quarter saw a particular focus on debt management solutions for Brits, which resulted in a drop of £34 billion for the three-month period.

Indeed, by the end of the year, £1.76 was being repaid on borrowings for every £1 that was paid into savings accounts.

The figures follow earlier research by Unbiased.co.uk which found that the first 83 days of the typical UK worker's salary is spent on their interest payments on debt.

As a result, the website claimed that March 25th marked the first day on which employees entered into profit on their pay packets.ADNFCR-2300-ID-19125958-ADNFCR
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