Britain is a nation facing rising levels of personal debt but decreasing levels of savings, an expert has claimed.

Chris Cummings, director general of the Association of Independent Financial Advisers, told online resource Money Marketing that it is vital consumers are offered professional financial advice to overcome that.

With advice, Britons could reduce their personal debt by a national total of almost £30 billion, the adviser stated.

The association’s research also suggested that "within four years of low to medium income population groups receiving financial advice – and only one in ten acting on it – new contributions to medium-term savings plans would increase by £1.5 billion," he said.

Debtors who are keen to reduce their own personal debt levels have a number of options open to them, including debt management, individual voluntary arrangements – usually called IVAs – and debt consolidation.

With an IVA, any money still owed at the end of the fixed period can be written off.