Debt still on the rise

15/09/2009

It's now a year since the collapse of the Lehmann Brothers bank, and latest research reveals that Brits are continuing to put themselves in more debt.

Advice website Unbiased.co.uk found that as a nation we borrowed £5.5bn in the second quarter of 2009. That's nearly double the amount borrowed in the first quarter.

On the up though are our collective savings. At £21bn they've increased since the all-time low of £14bn in the previous quarter. But it's still a long fall from this time last year, when they were 70 per cent higher.

It's a financial rollercoaster for consumers as economic growth is still slow. People with financial concerns should keep an eye on their money situation and talk to a debt solutions firm, like EuroDebt.

They offer Debt Management Plan'>Debt Management Plans and IVAs, which represent effective long-term solutions to responsibly tackle personal debt situation? Take our Debt Calculator test today!'>personal debt. They look at both borrowing and non-borrowing options such as re-mortgaging or equity release at a more sensible time in the future.

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