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Govt plans debt help service

06/03/2008

The government is to trial a new service designed to help up to 750,000 people with their debt problems.

After a report by Otto Thoresen, chief executive of financial services firm Aegon UK, the government announced new plans to offer advice about managing debts, as well as who to turn to for help with debt consolidation.

According to the Guardian, research had shown 75 per cent of people were interested in a national service for personal finance issues.

Mr Thoresen said: "My report sets out how a national money guidance service could transform people`s lives, as well as bringing substantial benefits to the industry and government."

Recent research by Credit Action showed that the average UK household owed £9,052 excluding mortgages at the end of December.

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