Savings fall as Britons repay debts

New research has suggested that British citizens are now spending more on repaying their debts than they are saving.

The figures from Unbiased.co.uk, taken during the third quarter of 2008, showed that for every pound saved in the UK, £1.24 went towards repaying debt.

It was the first time in the eight-year study that the focus had shifted towards repaying debt rather than taking out more credit.

A spokesperson for debt management company Gregory Pennington said: “These findings could represent a new willingness amongst consumers to tackle their debts, which could mean lower numbers of people with debt problems in the future.

“However, there are still people who simply cannot manage their debts alone – and it is essential that they seek professional debt advice as soon as possible.”

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.