Debt management could help to 'balance debt'

15/02/2010

Britons need to manage their debt and add to their savings, according to one financial expert.

Anna Sofat, director of Addidi Wealth, has said that consumers are still paying for what they borrowed in 2008.

She added that consumers need to make a lot more effort if they want to pay off their debt.

"The reality is that we still need to save a hell of a lot more than we are at the moment to balance out the two sides of the scales, savings versus borrowing," said Ms Sofat.

The expert's comments follow the release of government statistics which show that the UK has a collective personal debt balance of over £1 trillion.

With recent reports suggesting that there are still tough times ahead for the UK jobs market, personal debt could continue to rise unless it is dealt with.

Posted by Fiona Smith

Tags; Debt Management and Banking,

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