Dealing with debt 'a priority for Brits'
Dealing with debt became a priority for Brits during the second half of last year, according to a study released recently.
Dealing with debt was a priority for many people in the UK in the second half of last year, new research has shown.According to the study, conducted by Unbiased.co.uk, Brits began 2008 borrowing 66 pence for every pound that was saved as they took advantage of cheap loans. However, by the last quarter were repaying their debt at a rate of £1.76 for every pound saved.
Overall, the websites figures show that 2008 is the first year during which people in the UK have paid off more debt than they have borrowed.
David Elms, chief executive of Unbiased.co.uk, said: "The financial turmoil which hit Britain last summer prompted a dramatic retreat from savings in favour of starting to pay down personal debt."
A recent poll by Fairinvestment.co.uk revealed that more than one-quarter of people in the UK currently view dealing with debt and repaying their cheap loans as their number one financial priority.
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