Debt test introduced to help borrowers cope
The Financial Services Authority (FSA) has launched a new debt test to help UK consumers keep their borrowing under control.
This new online service is available on the FSA's website, and informs borrowers on whether they should be overly concerned about their level of debt.
It also provides tips on how to avoid debt problems and on the ways to overcome them if a consumer does stumble into financial difficulties, such as debt consolidation.
Vernon Everitt, the FSA's director of retail themes, said: 'Managing debt effectively is one of the most important things any of us have to do to keep control over our finances.
'The debt test is a useful tool to help consumers gain a fast overview of their borrowing, avoid debt becoming problematic and sort out what to do if it is already causing concern.'
Though this would seem to be outside the FSA's usual area of interest, reducing debt problems is in fact a component of its National Strategy for Financial Capability, which seeks to make consumers more capable and confident. | 
