According to recent research, people in the United Kingdom are currently placing debt at the top of their list of financial priorities. For the first time in two years, the British public are paying off more debt that they are borrowing, which indicates a significant shift in attitude.
The latest figures to be released suggest that in the second quarter of 2010, around 7p of debt was repaid for every £1 saved by members of the British public. These results contrast with figures from the last quarter of 2009 which suggested the public borrowed 66p for every £1 they saved.
It appears that consumers are seeking to be more proactive when it comes to paying off existing debts, but as a result they are saving a little less.
Karen Barrett, chief executive of the website behind the latest research, unbiased.co.uk, had the following to say about the figures:
“Brits appear to have shifted their financial habits to reflect those seen at the height of the credit crunch, with debt repayment top of the priority list.
For the first time since 2008, consumers are now paying off more debt than they’re borrowing - however this has inevitably also resulted in a drop in savings levels.”
Financial planners are likely to consider the results a step in the right direction as people look to exercise a little more control over their finances.

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