People in the UK are starting to reduce the amount of non-mortgage debt they owe, new research has suggested.
A survey by comparison website moneysupermarket.com has found that 40 per cent of individuals who owe money have reduced the amount over the last 12 months.
Head of loans and debt at the organisation Tim Moss said the study was “positive news” and urged those who may be experiencing financial problems to seek help as early as possible.
“For those who have seen significant increases in their indebtedness over the last year, I would strongly encourage them to go through their household budget ruthlessly â€¦ and identify where outgoings can be cut.”
Obtaining independent financial advice from the National Debtline and Citizens Advice should also be a priority, Mr Moss added.
This comes after director of charity Credit Action Chris Tapp said the nation’s debt problem is only getting worse, which could have repercussions on spending patterns.
By Francis Finch