Debt management ‘good for short term’
Consumers struggling with repayments may well benefit from debt management in the short term, it has been stated.
Debt Management Today reports figures from Chiltern that the national average of personal debt for those involved in informal management - which could include debt management loans - has dropped to £25,945 since the start of the year.
The charity called for individuals owing money to consider a range of methods of debt management and to be more frugal in their spending.
Nathan Gladwell from the company said: "Options like debt management can offer a valuable short-term solution whilst debts are brought under control."
He added that debt management ensures the prioritisation of money owed, so that mortgages, rent and utility bills are paid first.
Credit Action recently revealed that total UK personal debt at the end of December 2007 was measured at £1,409 billion, OnlyFinance reports.
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