Millions ‘refocus on debts’

Millions of British consumers are refocusing their finances with the aim of becoming debt free, a new study has found.

Research carried out by GfK NOP recently discovered that one in five people who had the option of borrowing or saving money or repaying their debts are planning to do the latter.

This amounts to around two million Britons who have decided that now is the right time for them to turn their attention to clearing their debts, which is a figure notably higher than was the case three months ago.

A statement from John Gilbert Financial Research, which commissioned the study, read: “A feature of the past year has been the improvement in household finances as people avoid/reduce debt and become more cautious over spending.”

More and more people around the country are approaching Citizens Advice about debt on a monthly basis, the organisation’s own figures revealed recently.