Repaying debt ‘higher priority for consumers’

3 December 2008

A new survey has suggested that consumers are spending less on ‘non-essential’ pursuits such as eating out, short holidays and garden improvements, as repaying debt has become a higher priority.

PricewaterhouseCoopers (PWC) put together a ‘league table’ which looked into the spending habits of 1,500 consumers, compared with the last survey in March. The results showed that repaying credit card and overdraft debts had shifted from 7th to 1st place in terms of priority, while repaying mortgage debt had risen from 8th to 4th.

A spokesperson for debt management company Gregory Pennington said: “This survey shows a real shift in priorities for consumers, no doubt influenced by the current uncertainty in the economy.

“However, we advise consumers that keeping debts at a manageable level should always be a top priority – even if it means compromising on holidays and luxury goods.

“There are a number of debt solutions, such as debt consolidation loans and debt management, which can help to reduce monthly outgoings. If people are in any doubt, they should always consult an expert debt adviser.”

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.

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Gregory Pennington are founder members of DEMSA (Debt Managers Standards Association).

DEMSA are the first trade body within the finance industry to successfully secure approval for its code of practice under the OFT Consumer Codes Approval Scheme (CCAS).