Attitudes to debt are changing, expert says

People’s attitudes to debt are beginning to change as they are more considered in what they borrow and spend.

This is the opinion of Joanna Elson, chief executive of the Money Advice Trust, who said that her organisation’s national debtline has received more calls due to restrictions in lending and the impact of the recession.

The industry expert acknowledged there will always be individuals who struggle with debt, but that consumers are now more wary of the prospect.

“We think the general attitude to debt has changed, people are now more cautious about borrowing and spending and think through the consequences of getting themselves in debt,” she explained.

Ms Elson added that improved financial education for young people is vital if they are to avoid money worries in the future.

The latest debt figures released by Credit Action revealed total UK personal debt at the end of March stood at £1,460 billion following a 12-month growth of 0.9 per cent.

By Joe Shervin