More Than savings reveals plans to pay back debts

Briton's financial plans over the coming six months show a shift away from spending, according to a survey from More Than savings.

The survey suggests that nearly 30 per cent of respondents will concentrate on paying off their debts, at least until November. This is compared to just 12 per cent who plan to spend more than they save. Over the same period another third expect their savings accounts to grow over the next six months.

The head of personal finance at More Than savings, Graham Hollebon, said: "People are clearly sensitive to the potential for their personal finances to take a bit of a knock over the coming months and it is encouraging that many are looking to reduce debt as a first response to this.

"More worrying is the continuing high number of people for whom debt is an ongoing problem and our advice is to avoid sticking your head in the sand, recognise there is a problem and take practical steps to improve the situation."