Poll backs debt approach

The approach taken by the government towards reducing the deficit is backed by the majority of the public, a poll has shown.

A survey by the Independent has revealed the coalition's approach is backed by three-quarters of voters, even though this has meant higher taxes and cuts to services.

While individuals in debt may be struggling more because of additional costs such as this year's hike in VAT, the approach has broadly found favour, with the poll showing the majority of supporters of all three main political parties agree, with 58 per cent of Labour voters, 73 per cent of Liberal democrats and 87 per cent of Conservatives in favour.

On the one hand, this may have implications for policy positions moving forward, as the opposition of the Labour Party to the current approach may need to be reconsidered if it fails to find favour with the electorate.

But while this might bolster the position of the government, those struggling in the current economic climate may find they need to seek additional assistance and a debt management plan can help with this.

Such a plan can help those who are struggling to pay back what they owe by spreading the repayments over a longer period of time, ensuring that less needs to be spent on debt each month and therefore freeing up cash for essential bills.

Discussing the likelihood of many people trimming their Christmas spending this year, the president of insolvency professionals' body R3 Frances Coulson said 60 per cent of consumers are worried about their debts, according to the organisation's research.

Posted by Paul Thacker