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Personal debt 'is at an all-time low'

Average levels of personal debt have fallen to below £26,000 for the first time, according to Chiltern Debt Management's Debt Monitor report for April 2008.

In the report, the company announced that the average level of debt for individuals undertaking a debt management plan in the UK is now £25,945, its lowest level since the company began compiling its Debt Monitor report.

This figure has fallen by almost £400 since the beginning of the year.

According to the company's figures, the average age of individuals taking part is 44-years-old, with a gross annual income of £23,444.

Chiltern's Nathan Gladwell said: "Options like debt management can offer a valuable short-term solution whilst debts are brought under control, and they ensure that debts are prioritised so mortgage or rent and utility bills are accounted for first."

The company is a founder member of the Debt Managers Standards Association (DEMSA) and was established in 1996. Chiltern offers advice to customers on debt management and provides bespoke debt management services.

See how much you could save with a debt consolidation loan from Lombard Direct

© Adfero Ltd

01/05/2008 15:59:42

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