Saving records have reached a high with individuals in the UK saving just over 8% of their income during the three months leading up to September. This is a record in over a decade for any quarter. Consumer spending has also risen for the first time since the credit crunch, though it is still lower than in the same quarter last year. The increase in savings is perhaps due to the amount of people who have turned to debt advice, which has also risen since the credit crunch began.

There are numerous ways to get out of debt, depending on the amount of debt you have incurred. One way is to take out an IVA for a fixed period. This plan allows you to pay just one monthly sum to your debt management team, who provide iva help and help you to set up the plan. By the term of the IVA you will have paid off your debts and hopefully with careful money management you will be able to keep out of debt.

Another alternative depending on the amount of unsecured debt you owe is a debt management plan. This works in a similar way and is set up with the help of a debt management team. Again once the term of the plan is reached you are debt free.