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Receding Brits 'look to manage debts'

Receding Brits 'look to manage debts'

- Friday, 3 April 2009

Debt management is a growing concern for Britons in light of the recession, reports Sky News.

The news provider notes figures from ING Direct which show more households in the UK are looking to manage debts in the present economic climate.

Some 28 per cent of respondents to a survey by the financial services provider have stopped accruing new debt on their credit cards.

And the debt management efforts continue for 34 per cent of people who have actually taken action to clear debts that they already owed on plastic.

Johan de Wit, chief executive of ING Direct, tells Sky News: "When households are confident [enough] to start spending again, it will be on a firm foundation of savings, rather than a reliance on credit."

The news provider previously reported figures from financial services provider Abbey which showed the extent to which credit card debts are worsening the country's overall financial situation.

According to the study, Britons accrue £9 billion of extra borrowing on credit card debts each year due purely to the amount of interest generated.ADNFCR-2300-ID-19106442-ADNFCR
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