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40% of people `recognise need to reduce debt`

08/09/2009

A survey has found that 40% of people feel they need to reduce their debts in order to improve their financial situation.

The survey, commissioned by the Institute of Financial Planning (IFP) in association with NS&I (National Savings and Investments), was carried out as part of Financial Planning Week - a week in which the IFP encourages the public to take a more thorough approach to managing their finances.

The survey also found that 41% of people recognised the need to put more money into savings.

A spokesperson for Debt Advisers Direct said: "Most of us will take on one kind of debt or another over time, but the important factor is how easily we can repay that debt. Many of us manage our debts just fine, but it can be easy to get out of our depth - which is when problems can start.

"It`s important that anyone having trouble with their debts speaks with an expert debt adviser as soon as the problem starts."

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

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