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Loan claims: Many Brits 'are reducing debts'

Many Brits have managed to reduce the amount of money they owe in loan claims, a study from MoneySupermarket.com has revealed.

Since last year, 35 per cent of Britons have cut the amount of debts they have, with the amount of personal debt held by people - other than the loan charges incurred through mortgages - dropping to £6,926.

This represents a fall of £1,500 since 2011, the study found, although it pointed out 27 per cent of Brits have more debts than they did last year.

Furthermore, 38 per cent of respondents are still concerned about their level of debt, with six per cent believing they will carry on owing money for the rest of their life.

"Earnings are not rising nearly quickly enough to keep up with the rising cost of living, high energy bills, the soaring cost of petrol and other factors," Consumer Credit Counselling Service spokesman Matt Hartley recently suggested.

Amir Hussain
Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801408255-ADNFCR



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