UK can benefit from greater levels of debt relief, claims Credit Action

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UK can benefit from greater levels of debt relief, claims Credit Action

Tue 7th Sep 2010

Finance charity Credit Action has claimed that the whole of the UK can benefit from more people paying off excessive levels of debt.

It would be better for Brits to get rid of any existing debts they may have and to live within their means, according to the organisation's advocacy and media officer Jo Parsley.

She suggested this sort of change would be beneficial for the UK economy, since a nation of borrowers who are "out of control" would not be good in the long run.

"There has been a need for consumers to get on top of their finances for many years, as personal debts grew over the noughties, reaching levels that were unsustainable," said Ms Parsley.

According to statistics published by the advice website Unbiased.co.uk, consumers in the UK paid off 7p of debt for every pound they saved during the second quarter of the year, with people seemingly less concerned about putting cash aside for the future during that time.

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