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DIY debt management 'unchanged by crisis'

DIY debt management 'unchanged by crisis'

- Thursday, 30 April 2009

The economic crisis is having no significant effects on national debt management in terms of loans taken out for home improvements, it has been revealed.

Research from AA Personal Loans shows that six million people plan to renovate their homes in the next 12 months.

For around a third (32 per cent) of these, a desire to add value is driving them to upgrade their property.

Mark Huggins, head of AA Personal Loans, explains that the reasons behind homeowners undertaking DIY projects may be changing.

However, the total numbers - and the effects on debt management that could be carried through home improvement loans - remain broadly the same.

"Although many would expect demand for home improvement loans to be less during the recession, our figures show that their popularity is actually unchanged," he says.

The warming weather could be helping national debt management as more home renovations become optional, rather than essential.

In February, the AA placed the cost of flooding due to frozen and burst water pipes at £40 million for the first six weeks of 2009.ADNFCR-2300-ID-19147795-ADNFCR
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