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Debt management concerns 'differ with age'

Debt management concerns 'differ with age'

- Friday, 27 March 2009

A generation of "recession veterans" have different debt management plans to those facing their first credit crunch ever, according to Lloyds TSB.

Figures from the financial services provider indicate that debt management concerns are more likely to result in belt-tightening for those who have experienced similar conditions in the past.

Almost two-fifths (39 per cent) of veterans are prepared to make lifestyle sacrifices as part of their debt management plans.

But only around half as many of those who have not seen troubled times before are willing to make the same sacrifices, Lloyds TSB reveals.

Graham Lindsay, managing director of customer experience, says: "Managing your finances during a recession is challenging regardless of whether you have experienced one before or not."

Lloyds TSB notes that recent base rate decisions have repeatedly set historically low interest rates for the UK.

The latest move, to 0.5 per cent, was made by the Bank of England's monetary policy committee on March 5th.ADNFCR-2300-ID-19095430-ADNFCR
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