Indeed, the total amount saved in the UK from the first through to the second quarter of 2010 was down by about £7 billion.
Jo Parsley, advocacy and media officer at Credit Action, suggests a nation of "out-of-control borrowers" is not good for anyone, adding: "Whether consumers are in debt or not, they still need to spend, but the key is to do so within their means."
But by finding a cheap electricity supplier, many may find they are soon spending less on their home energy bills, freeing up more money to put towards paying off debts.
Posted by Anne Yevel
Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.