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Loan Protection: UK consumers should face up to debt

UK consumers should tackle their debt problems head-on and draw up a plan to reduce it, a debt advice service has claimed.

George Currie, founder of financial advice website debtwatchdog.com, revealed that he always advises those in debt to learn how to cope with the problem on their own.

"We always try and encourage people to deal with their own debt issue themselves where they can do and feel emotionally proud to do so," he said.

"It empowers you and it makes you think about your finances yourself rather than leaving it for other people to deal with."

Mr Currie added that Britons should keep a record of their outgoings to track where they spend the majority of their income.

A recent report from unbiased.co.uk found that a growing number of people are putting money aside in savings accounts, but are failing to keep up their debt repayments.

Britons repaid 10p of debt for every pound they saved in the third quarter of 2010, according to the survey.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance ADNFCR-2776-ID-800283196-ADNFCR



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