Around 40 per cent of Brits have managed to reduce their debt in the past year, moneysupermarket.com has revealed.
According to the data, the over 60s have had the most success reducing their debts with a 55 per cent reduction compared to 35 per cent of people under 30 who have increased their debts.
Research by the price comparison site shows, that 54 per cent of UK adults hold a non-mortgage debt, whilst 27 per cent of Brits have taken on more debt in the past 12 months.
However, despite many people being able to reduce their out goings, the average debt for an adult still amounts to nearly £7,000.
Commenting on the news, Tim Moss, head of loans and debt at moneysupermarket.com, said it was encouraging to see people taking steps to reducing their debt, but urged those who are still in the red to take active measures to reduce their debt sooner rather than later.
“For those who have seen significant increases in their indebtedness over the last year, I would strongly encourage them to go through their household budget ruthlessly, line by line, and identify where outgoings can be cut.
“Those struggling to make their repayments must avoid the temptation to try to ignore the problem and should contact their lenders as well as one of the independent and free debt advice charities such as National Debtline or the Citizens Advice Bureau.”
Mr Moss added people in debt should not ignore their problems, he said: “Problems are easier to tackle when addressed early; those in their twenties and thirties should get into the habit of addressing their finances now to avoid financial difficulties later in life.”
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