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30 January 2006
Many Brits could easily clear their debt mountain but most simply cannot be bothered, according to research.
An experiment conducted by financial services firm AXA found that ten households in Brighton could reduce their debts by £1,215 following three months of financial advice.
AXA said that if every household in Britain followed similar advice, then the country's debt burden could be cleared by £29.7 billion.
However, 70 per cent of Brits are happy to remain in debt, saying that it is more socially acceptable than in the past.
Researcher Ms Allot-Davey, said: "The first quarter has been challenging because the focus has been on dealing with managing and reducing debt, however it was vital that we tackled this before starting to look more long term.
"I believe we have made some good progress so far, with most participants paying much less interest on their loans, having reorganised or consolidated them."
She said that the group was enthusiastic for "basic financial guidance" and that many need help to sort out their finances.
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