According to a survey conducted by Alliance & Leicester Personal Loans, half of the respondants said that they would like to repay their loans and reduce their debt burden. 43% of the respondants said they would like to increase their savings and 40% said they would like to increase their earnings. 10% of the respondants said they would like to use debt consolidation to reduce their debt burden.

According to the survey, more men than women said their aim would be to earn more money. Conversely, more women than men believe that sticking to the budget is a better way to tackle financial problems.

Andy Bayes, Head of Personal Loans, Alliance & Leicester says that personal debt can be reduced by spending less, paying less interest on loans and consolidating existing debts into one personal loan.