'Brits earning nothing from their monthly salary'
'Brits earning nothing from their monthly salary'
Friday 24th October 2008
Amid the rising cost of electricity prices, with inflation at 5.2 per cent, many Britons could be getting deeper and deeper in debt because money earned from their wage is not going far enough.
The study, by financial advice website Fool.co.uk, also found that one in eight people spend more than they earn each month.
It comes after the Office for National Statistics today reported that Britain's economic output declined by 0.5 per cent last quarter.
Another quarterly decline in Britain's economic growth will mean the nation is officially in recession.
David Kuo, head of personal finance at Fool.co.uk, said: "We have yet to feel the full impact of the economic downturn.
"Consequently, it is important to tackle our finances head on now before it is too late to do anything about it."
News article brought to you by Debt 1 – Number 1 for debt management in the UK.
Related News
People 'must start fixing their debts' - 23/10/08
Britons who are struggling with high levels of debt and bad credit after the onset of the credit crunch must act now, an expert has warned
Britons who are struggling with high levels of debt and bad credit after the onset of the credit crunch must act now, an expert has warned
"Large increases" in missed mortgage payments predicted - 22/10/08
More people are set to miss their mortgage repayments in the coming months, an expert has predicted
More people are set to miss their mortgage repayments in the coming months, an expert has predicted
Young adults seeing debts mount - 21/10/08
Young adults are accumulating debt and failing to save for the future, a new study has found
Young adults are accumulating debt and failing to save for the future, a new study has found
Borrowers 'rejected by lenders' - 17/10/08
Britons looking to take out a loan or a new credit card because they are heavily in debt are unlikely to be successful, a study has revealed
Britons looking to take out a loan or a new credit card because they are heavily in debt are unlikely to be successful, a study has revealed
Britons 'clueless' over pensions - 13/10/08
Britons are so focussed on what little cash they currently have in their wallets that they are clueless when it comes to saving for retirement, it has been suggested
Britons are so focussed on what little cash they currently have in their wallets that they are clueless when it comes to saving for retirement, it has been suggested
News Article Search
Quick Apply
News Archive