Customers Tackling Debt Much Sooner Says SO Switch

Online, April 10, 2013 (Newswire.com) - The average age of customer signing up for a debt management plan has decreased significantly over recent years, according to financial comparison site, SO Switch.

Cheshire-based Debt Advisory Line has released figures showing that the average age of their debt management customer in 2006 was 49 - however in 2013, this has rapidly decreased to just 40 years old.

SO Switch believes that this trend could be seen to represent a change in society: that admitting to debt no longer has the same stigma that it once held.

In the last 7 years, the average debt level that customers are facing has actually decreased by half, from £21,000 to £11,000 so although the figures may appear worrying at first, it seems that those who are in debt are choosing to tackle it much earlier in life than their previous counterparts.

With financial information widely available to consumers, more and more people are beginning to recognise the early signs of debt and with that the social stigma surrounding debt appears to be reducing over time.

Dean Jones, Managing Director of SO Switch says: We understand that personal finances and money management are a concern for people of all ages. Our aim is to offer assistance to consumers who are looking to save money and manage their finances more effectively. If someone is already in financial difficulties, admitting the problem can be the hardest step to take, but there is lots of help available, often it's just about knowing where to look. We hope that SO Switch can be seen as a part of that support network."

SO Switch - based in Chester - is a new comparison site, aiming to help customers save money on their household bills and offering simple and easy to use tools to manage their personal finances. For more information visit www.soswitch.com