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Britons high on savings, low on debt
London (go4ukloans) June 24, 2006: According to a new study, people in United Kingdom are saving as much as ten times more than their borrowings on overdrafts, personal loans and credit cards. This figure is highest in the last six years.
People saved £1 on every 10p they borrowed, according to IFA Promotion. That is much better than 52p of debt accrued for every £1 saved in the final quarter of last year. As per IFA Promotion, people collectively saved £30.06 billion in the first quarter of the year and increased unsecured borrowings excluding mortgages, by around £3.11 billion.
David Elms, IFA Promotion's chief executive, said "The nation appeared to be controlling spending and commitment to saving has increased. But he warned: "At first glance, it seems that consumers have started to develop joined-up thinking when it comes to their budgeting behaviour, making the link between their spending, borrowing and saving, but this may not be entirely the case.
But Ian Brown, of the Citizens Advice Bureau in Scotland said: "It is not our experience that more people have savings than debt, although our clients tend to be poorer than most. Some people may have both savings and debt - it is easy to get seduced by the idea of equity in your home, as if it were money for nothing."
Other Related Link:
London (go4ukloans) June 24, 2006: According to a new study, people in United Kingdom are saving as much as ten times more than their borrowings on overdrafts, personal loans and credit cards. This figure is highest in the last six years.
People saved £1 on every 10p they borrowed, according to IFA Promotion. That is much better than 52p of debt accrued for every £1 saved in the final quarter of last year. As per IFA Promotion, people collectively saved £30.06 billion in the first quarter of the year and increased unsecured borrowings excluding mortgages, by around £3.11 billion.
David Elms, IFA Promotion's chief executive, said "The nation appeared to be controlling spending and commitment to saving has increased. But he warned: "At first glance, it seems that consumers have started to develop joined-up thinking when it comes to their budgeting behaviour, making the link between their spending, borrowing and saving, but this may not be entirely the case.
But Ian Brown, of the Citizens Advice Bureau in Scotland said: "It is not our experience that more people have savings than debt, although our clients tend to be poorer than most. Some people may have both savings and debt - it is easy to get seduced by the idea of equity in your home, as if it were money for nothing."
Other Related Link:
- UK debt shifting from personal loans to mortgage
- From unsecured loans to mortgage: UK debts got a shift
- Personal debt problems escalate to go out of control
