Money Expert

September 16, 2011 00:30 ET

MoneyExpert's New Debt Tool Offers Instant Snapshot of the UK

WORSLEY, UNITED KINGDOM--(Marketwire - Sept. 16, 2011) - There's bad news for the average person in the South West – you have a higher level of debt than your careful neighbour in Wales. But the good news is you're less likely to be unemployed – unlike people in Northern Ireland and the North East. These fascinating insights come from the new UK Debt Comparison Tool created by MoneyExpert.com.

"We felt there was a need for a simple comparison tool," said Gareth Jones, Head of Product Development at MoneyExpert. "With job mobility on the increase, people need to have a quick snapshot of key economic indicators if they're considering moving to a new region."

Both consumers and financial advisers have been quick to praise the new tool, which can be found at: http://www.moneyexpert.com/utilities/uk-debt-comparison-tool/.

To no-one's surprise, average house prices are highest in the South East – more than double those in the North East. Earnings are higher too, but inflation in the South East is running well ahead of the national average – and debt levels are only just behind the South West. If you're looking for the average UK debt level, you need to travel to the West Midlands.

"We designed the tool to be simple to use," said Gareth. "Because the information is presented in graph form it's very easy to read. You can have a quick overview of any region in the UK in less than a minute."

The data also allows you to see which regions are doing better – or worse – than the average. For example, both Scotland and Wales are well below average for levels of debt – suggesting that if consumers in these countries can't afford something, they're prepared to save up, unlike those in the South West and South East who reach for the plastic!

"We want to help consumers make informed decisions," said Gareth Jones. "Yes, if you move from the North East to the South East average pay will be around £3.50 an hour higher. But you'll spend twice as much on a house and you'll see your increased earnings eaten away by a higher rate of inflation."

Food for thought…but at least if you are considering a move, you'll have the facts and figures at your fingertips, thanks to the UK Debt Comparison Tool.

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