People urged to “take responsibility” for debts

Unbiased has followed recent research that people are borrowing half as much as they are saving, by urging people to tackle their debts as soon as possible.

David Elms, chief executive of Unbiased, told easier.com that people need to budget more in order to avoid finding themselves in debt.

He added: “Consumers are beginning to sit up and take notice of the increasing calls to save, however they are compromising these positive steps by continuing to borrow money to accommodate spending habits.

“Until people take responsibility for their debt then the benefits of saving will be diminished.”

Mr Elms continued by saying that it is “disappointing” that consumer trends are not moving in the right direction with regards tackling debts and saving.

Meanwhile, research from Unbiased yesterday suggested that more than a quarter of consumers have broken their financial resolutions by the end of January.