PERSONAL debt levels have decreased in Oxford but still remain above the national average, according to a company specialising in helping people manage their financial problems.

Creditfix has released its latest UK Personal Debt Index (PDI), based on a survey of more than 60,000 people across the UK.

It found Oxford's average level of debt has decreased by 7.5 per cent, going from £22,946 on average in the first quarter of the year to £21,216 in the second quarter, which ended in July.

This is in comparison with the national average, which stood at £16,250 as of June, 30, 2018.

Across the Oxfordshire region, Banbury had the highest increase in personal debts during the same period.

The latest figures showed that average debts in Banbury rose to £69,754 in the three months leading up to July, compared to the previous quarter when it stood at £15,461.

The debt in queston includes all 'unsecured debt' such as bank loans, credit cards and payday loans.

Taylor Flynn, head of marketing at Creditfix, said: “Once the dust has settled after the financial strain of Christmas, summer spending often starts sooner than people may think, which could explain this increase in debt.

"People start planning holidays and sunny trips away months in advance, so it’s no surprise to see behaviours such as overspending or relying on credit to put these plans in place."