Move away from borrowing and commit to debt management in 2010
Move away from borrowing and commit to debt management in 2010
Thursday 21st January 2010
Financial and business commentator Jasmine Birtles said to avoid getting into harmful debt problems that are often associated with borrowing, consumers should commit to saving.
People have been spending money "like there is no tomorrow", said Ms Birtles, and that has to stop.
"The next decade should be a much more sober one. The idea of saving in order to spend will have to come back," she said.
"People don’t particularly want to, but we have learnt a lesson, and also the money just will not be on offer as it has been before."
Lenders were likely to exercise caution, said Ms Birtles, giving priority to those with sound credit histories and decent, regular salaries.
"As with other lenders right now there is going to be a lot more cautious lending, although there is more money around, a lot of people have been burnt so badly they don’t just want to lend to just anyone."
Debt consolidation normally experiences a rise in the post-Christmas period.
According to recent statistics from Nationwide, almost 60 per cent of all loans issued in January 2009 alone were for debt consolidation purposes.
What's more, the period between January and March last year saw more than 115,000 additional debt queries than the previous three months, an increase of over 25 per cent.
News article brought to you by Debt1 - UK debt management specialists
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