2nd July '08 - Debt Management Plan Group Release Figures
Against the background of the credit crunch, and increases in fuel and food prices, there is, at least, some good news for those in the UK who find themselves on debt management plans.
IVA, debt management plan and trust deed provider Chiltern have said that the average size of debt owed by their customers has reached its lowest level since they began undertaking an official monitor of their records.
In fact, despite much of the gloomy economic news in the UK this year, the group say that the average level of debt for those on a debt management plan has fallen by around £400 since early 2008.
The group also revealed that the typical debtor was 44 years old, owed just over £25,000 and would take around 146 months to completely clear his or her debts.
Although the figures may not offer a full reflection of general UK trends, many have taken them as a positive sign that debtors are able to balance the pressures of debts repayments, fuel and food prices rises and reductions in the levels of disposable income.
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