Consumers wary of borrowing

| May 12, 2010 | 0 Comments
Consumers wary of borrowing

Consumers are being more careful about how much they borrow, a debt advice charity has claimed.

The Money Advice Trust said many consumers are wary of credit because of the financial problems that can be caused by being in debt.

“We think the general attitude to debt has changed,” said Joanna Elson, MAT chief executive.

“People are now more cautious about borrowing and spending and think through the consequences of getting themselves in debt.”

She added that there has been a “sharp rise” in the number of people contacting MAT’s debt advice helpline.

Elson’s comments follow research by Credit Action which found that personal debt in the UK reached a total of £1,460 billion in March, up 0.9% in twelve months.

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