Abacus Daily Debt News

Report suggests most Europeans aren’t paying off debt

A new report from AlixPartners has indicated that the majority of consumers in Europe are not reducing their personal debt levels as result of the economic downturn.

The survey of 5,000 adults in the UK, France, Germany, Italy and Sweden found that most people have kept the amount of money they owe the same amid the recession, with 27 per cent of Italians actually increasing their deficit.

Furthermore, more consumers in the countries believe their situation is worsening rather than improving and less than one in seven respondents from the UK said they had confidence in their government’s ability to lift the economy.

The study appears to contrast with recent reports in the press that a sizable number of consumers in the UK are trying to reduce their debt.

Credit Action’s figures for August revealed the average household owed £9,180, excluding mortgages. This compared to £9,226 in the previous month.

By Chris Trimble