Need for debt management could increase as Brits save less
Need for debt management could increase as Brits save less
Wednesday 30th December 2009
This is according to figures from Unbiased.co.uk, suggesting that more Brits may need debt management plans heading into 2010.
Debt levels amounted to £4 billion between July and September, which is a fall of only £1 billion from the second quarter total of £5 billion, with the figure approximately double what it was 12 months ago.
This went hand-in-hand with a fall in consumer savings, with quarter three's total standing at £13 billion, considerably below this year's high of £19 billion.
Unbiased.co.uk chief executive Karen Barrett explained that many people are "slipping back into old habits" by borrowing approximately a third of what they are able to save, which is in contrast to last year's trend of paying off personal debt at the expense of increasing savings.
"While our year on year data shows that this is reasonably good for a normal economic cycle, with savings levels currently billions lower than they were back in 2006 and 2007, this is creating a serious barrier to a sustained economic recovery," she said.
Ms Barrett went on to say that those needing to improve their financial situation should "keep a close eye on savings rates".
Earlier this month, the website's chief said that the turn of the year is an excellent chance to get finances in order, with those involved in debt management urged to take control of their accounts.
News article brought to you by Debt1 – UK debt management specialists
Related News
Spending precautions urged ahead of January sales - 29/12/09
Individuals with debt management plans hoping to make the most of the January sales should take a few precautions to ensure they do not overspend
Individuals with debt management plans hoping to make the most of the January sales should take a few precautions to ensure they do not overspend
Accidents in bad weather may mean drivers need debt management - 24/12/09
Adverse weather conditions across the UK have caused a spate of accidents and drivers who incur costs might require debt management, while many face difficulties getting home for Christmas Day
Adverse weather conditions across the UK have caused a spate of accidents and drivers who incur costs might require debt management, while many face difficulties getting home for Christmas Day
Hard-hit pensioners may need debt management - 23/12/09
Elderly people across the UK may require debt management or debt consolidation after a government pension bonus was branded as 'insulting'
Elderly people across the UK may require debt management or debt consolidation after a government pension bonus was branded as 'insulting'
Household budgets can help those who need debt management - 22/12/09
Households can save money by putting together a budget and paying off outstanding debts, which are the most important steps in putting finances in order, according to Moneymagpie
Households can save money by putting together a budget and paying off outstanding debts, which are the most important steps in putting finances in order, according to Moneymagpie
Too much Xmas shopping could make debt advice 'a necessity' - 18/12/09
Christmas shoppers who spend too much in the run-up to Christmas could find themselves requiring the services of a debt solutions company
Christmas shoppers who spend too much in the run-up to Christmas could find themselves requiring the services of a debt solutions company
News Article Search
Quick Apply
News Archive