Brits tackling consumer debt problems

Wednesday 28th May 2008

More and more Britons are taking action to address problems with consumer debt, a new survey has shown.

In a study conducted by Alliance & Leicester, it was found that consumers are engaging with their finances more in the face of rising costs for food, consumer goods, household bills and fuel.

Among the most popular measures among those polled is debt consolidation, whereby loans and credit card debt is combined into a more manageable single loan, which has been undertaken by seven per cent of those quizzed.

Meanwhile, 12 per cent of the sample has sought to tackle their credit card debt by switching card providers to take advantage of a zero per cent interest offer.

Emma Walkley, current account manager at Alliance & Leicester, welcomed the new mood of financial responsibility among consumers.

She said: "It is encouraging to see people are making positive changes to their spending and budgeting habits.

"This will hopefully stand them in good stead should they see their disposable income affected over the forthcoming months."

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