Alliance & Leicester finds debt reduction is top priority for 2005

04 January 2005
Alliance & Leicester has found that paying-off debts is the top priority for 49 per cent of the UK population in 2005.

The next highest priority was increasing savings (43 per cent) followed by earning more money (40 per cent).

61 per cent of those looking to reduce dept said they would start budgeting in 2005 and try to spend less, while 30 per cent hoped to earn more or look for a second job to reduce debts.

One in ten said they would consider a debt consolidation loan as a solution to reducing their debts in the New Year.

"People are beginning to see that by budgeting better, personal debt can be reduced considerably.

"This doesn't just mean spending less, but also paying less interest on your debts," head of personal loans at Alliance & Leicester, Andy Bayes, said.

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