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Brits 'more cautious about debt'

By Sarah Engle, Fri 7 May 2010 - Published in Loans

People seem to have become more wary of borrowing and spending as a consequence of the recession, an expert has claimed.

Joanna Elson, chief executive of charity Money Advice Trust, explained that the group's National Debtline has seen an increasing number of calls, rising by 56 per cent in 2009.

"This is a result of the availability of credit combined with the devastating effect the credit crunch had on many people's lives," she commented.

Ms Elson added that many people have changed their attitude to debt and are no longer willing to borrow large sums of money unless they need to, as they are aware this could have negative consequences.

Recent figures from Credit Action showed that total personal debt in the UK reached £1,460 billion at the end of March, growing by 0.9 per cent over the previous 12 months. The report also revealed that the average UK adult owes £30,258.