Britons have decided to 'steer clear' of further debt according to the new poll.
Debt fears remain rife among British adults, due to the recession. This is the headline finding of research by financial website Fairinvestment.co.uk, released yesterday.
The study found that 74 percent of Britons have not borrowed money since August last year, despite economic conditions getting worse and rising unemployment. Meanwhile, just seven percent have been forced to take out an extra credit card, while six percent have borrowed from friends and family. Five percent have taken out a personal loan - while a hard-up three percent have been forced into a high-interest pay-day or other short term unsecured loans.
Commenting on the statistics, chartered financial planner at Fairinvestment.co.uk, Sharon Bratley said: "The fact that the majority of people are steering clear of getting into further debt is encouraging, and a sign of the changing economic climate.
"Not long ago, people thought nothing of getting another loan or credit card, as credit was easier to secure, but as lenders tighten their criteria it seems people are taking note. For those who are considering taking out a loan or credit card, it is important to gather information and compare the whole market to make sure they are getting the best available deal for their circumstances."
Figures from the Finance and Leasing Association released earlier this week showed that total credit provided to consumers over February 2008-February 2009 reached £58.2 billion. This is a 12 percent fall from the previous year's results.
