Lovemoney.com notes positive news for debt relief sector

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Lovemoney.com notes positive news for debt relief sector

The level of growth of personal debt in the UK over the past year was "relatively low", according to one finance expert at Lovemoney.com.

Ed Bowsher, head of consumer finance at the website, claimed that this has come about due to a change in mindset among the British public, which has been provoked by the recent financial crisis.

"They now realise that debt can be a huge albatross and are trying to pay their loans. That change in mindset has meant that UK personal debt hasn't increased by much," he said.

His comments were made in response to figures released by Credit Action, which indicate that the Office for Budget Responsibility predicted household debt could grow to £1,823 billion over the next five years.

Mr Bowsher suggested that an increase in interest rates could make it harder for people to repay loans and put them in a difficult financial situation, which would lead to more insolvencies.

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