UK consumers 'looking to reduce debts' during downturn

Many UK consumers have taken steps to lower their debts during the recession, an expert suggests.

Charles Davies, who acts as a senior economist at the Centre for Economics and Business Research, believes that people have been more willing to focus on saving their money rather than spending in recent months.

Mr Davies said: "Britain as a whole - from corporate to household - was very leveraged when it came to the credit crunch. They had taken on quite a lot of debt."

However, he added that because people have recently started to address their debt issues, the country's economic recovery may not occur as quickly as some other nations.

Earlier this week, Credit Action's director Chris Tapp suggested that people with money worries should consider gaining support from a financial advice charity, in news which may also appeal to those looking to overcome things like credit card debt.