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Big Spenders Cutting Back As Debt Levels Hit Home

Nov 7, 2007
The nation's spenders could soon be looking for debt consolidation loans to get their finances under control if the latest research from a debt help and advice specialist is to be believed.

Research carried out by YouGov on behalf of Thomas Charles showed that consumers are looking to tackle the mounting consumer debt that currently sees 15 per cent struggling with unsecured borrowing of more than 10,000 pounds. The level of owing that many face could see them opt for debt consolidation loans to make tackling the problem easier.

Consumers are already considering what action to take, with one in four saying that they intend to cut credit card spending in the next six months in a bid to tackle the growing debt problem. Eight per cent of Britons are looking to avoid making big purchases on credit over the next six months, also in a bid to cut their reliance on credit in the form of personal loans and the like.

"The personal debt situation in Britain has reached breaking point and recent personal banking instability has brought debt to the forefront of the agenda. Interest rate rises and subsequent mortgage hikes mean that people have been relying on credit for their everyday expenditure - credit which they can often ill afford," said James Falla, managing director of Thomas Charles.

Men lead the way in the amount of unsecured credit they have used, according to the Thomas Charles research, with 27 per cent of men having debts of more than 5,000 pounds from personal loans and credit cards. This compares with 22 per cent of women. However, the research also shows that 17 per cent of men - compared to 15 per cent of women - have been "shaken" by the personal debt crisis, suggesting they may be the ones to opt for debt consolidation loans to bring their monthly payments together.

This acceptance of the problem of personal borrowing getting out of control has been noted by Mr Falla, who welcomes the cutback as the festive season approaches: "There is still a massive debt mountain for Britain to climb, but this report signifies that the bad news about debt is finally sinking in."

With 28 per cent of its residents reporting unsecured debts in excess of 5,000 pounds, Scotland has the highest proportion of personal debtors. A figure of 21 per cent has seen the south of England take the title of the region most free of debt. Almost a quarter (24 per cent) of Londoners - who are excluded from the figures for the south - were found to have unsecured debts in excess of more than 5,000 pounds, suggesting some could be in need of a debt consolidation loan to better manage their finances.

Statistics released last month by Citizens Advice revealed a rise in the number of Britons seeking help from the advisory service over the last year, with a 20 per cent increase noted. The number of those seeking advice in England and Wales was found to be 1.7 million, a record high.
About the Author
Steve Smith writes for 1 stop finance shop where visitors can apply for UK secured loans and also focuses on personal loansand bad credit loans for UK residents.
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