The research by Credit Action, showed a decrease in the number of insolvencies and repossessions, as well as a drop in the amount of outstanding personal debt.
The money education charity, Credit Action, released monthly figures which track the performance of several key indicators. The latest results have pointed to an improvement in several key areas, boosting hopes that the UK is slowly pulling itself out of recession.
The data published by Credit Action suggests that the number of bad loans which have to be written off by banks and building societies, has dropped in the last three months, reducing from £14.03 million per day to just £12.52 million.
Outstanding consumer credit also fell, down to just £157 billion from an estimated £165 billion. The rate of repossessions showed a marked improvement, with a property being repossessed every 15 minutes 30 seconds, compared to the previous rate of one every 13 minutes 44 seconds. Insolvencies were also slightly down, with someone being declared insolvent every 4 minutes 49 seconds, compared to 4 minutes 35 seconds.
The average household debt at the end of July 2012 (the latest figures available), stood at £53,613, down from £55,448 at the end of June 2012.
However, although there were improvements across the board, not all areas reflected an improving financial state.
The number of redundancies created every day continued to climb, up to 1,639 from 1,607 every day. And with job losses directly linked to the levels of debt, unless the rate starts to slow, the UK could find itself doing a sharp u-turn on the improvements gradually being felt.