The journey towards the end of debt management problems has only just begun, it has been suggested and attempts must be made to continually drive down the number of possessions each year.
This is the opinion of Michael Coogan, the director general of the Council of Mortgage Lenders (CML), who made his remarks in a speech at the Money Advice Liaison Group Annual Conference.
He said that possessions should be brought down annually, despite the fact that there are currently one million extra borrowers compared to in the 90s, but this desire is tempered by the fact that it is “early days” and “we are heavily dependent on government policy and interest rates”.
Mr Coogan added that, because of the recession, debt management is being approached in a better, more holistic way and, although unemployment dictates that more people have debt problems, there are many ways to give them time “to get back on their own two feet”.
His comments follow recent research from the Chelsea Building Society, which revealed that money management is not a priority for most people, with just 23 per cent monitoring their finances.
By Sarah Adie