An increasing number of British consumers are aiming to pay off the debts they have accumulated, it has been claimed.
According to data compiled by GfK NOP, close to two million adults in the UK have decided to abandon their saving efforts and borrowing plans and have opted instead to focus solely on debt repayment.
This finding follows three consecutive quarters during which repayment intentions were increasingly set aside, despite the extent of the UK’s debt problems and the spectre of insolvency for many people.
A statement from John Gilbert Financial Research, which commissioned the study, read: "A feature of the past year has been the improvement in household finances as people avoid/reduce debt and become more cautious over spending."
The Post Office reported recently that more and more UK consumers are finding it impossible to save as a result of their lack of spare cash and their debt problems.