Being Debt Free is Top Priority

Paying off debt and becoming debt free has soared ahead of saving, according to new research by unbiased.co.uk.

According to the research, we are aiming to become debt free by repaying £1.76 for every pound saved by the end of 2008. In total we repaid £38.6 billion of non-mortgage debt, which is the first time during the eight-year study that more debt has been paid off than saved.

Speaking about the findings, David Elms, Chief Executive of Unbiased.co.uk, comments: “The financial turmoil which hit Britain last summer prompted a dramatic retreat from savings in favour of starting to pay down personal debt.”