- Tuesday, 29 December 2009Demand for
IVA services may be on the increase in the coming year, following reports that Brits are reverting back to their old borrowing habits.
Consumers borrowed an average of 32p for every pound they saved during the third quarter of the year, new figures show.
This is in stark contrast to the third quarter of last year, when people were paying back £1.40 for every pound they saved, according to financial advice website unbiased.co.uk.
Unbiased.co.uk chief executive Karen Barrett said, whilst year-on-year data indicated the trend was "reasonably" good for a normal economic cycle, the low level of savings posed a "serious barrier to a sustained economic recovery".
"After the dramatic retreat from savings in favour of paying off personal debt in the first half of 2008, consumers are now slipping back into old habits, by borrowing around a third of what they save."
According to research by financial institution NS&I, many British adults are still not making saving a priority - the proportion of people saving regularly each month in 2009 was 47 per cent, only a slight increase from 45 per cent in 2005.
Recent IVA News23% of first-time buyers save for five years to raise a depositWed, 04 May 2011
Brits dealing with Finance Management should shop around for car insurance Wed, 04 May 2011
Parents, including those with Finance Management, advised to start saving for children's weddingsTue, 03 May 2011
Newlyweds may be in need of Finance Management plans after overspending on weddingTue, 03 May 2011
Renting rather than buying may be an option for Brits with Finance Management Thu, 28 Apr 2011
Consumers coping with Finance Management may want to shop around for cheap energy tariffsWed, 27 Apr 2011
Increasing number of Brits turning to loans for home improvementsWed, 27 Apr 2011
Brits, including those with Finance Management plans, to spend £267 on Royal Wedding Tue, 26 Apr 2011
Equity release can be used to 'become debt-free'Tue, 26 Apr 2011
| |
Money Debt and Credit Ltd, Registered in England & Wales No.05588842.
Registered Office: 45 Clarendon Road, Watford WD17 1SZ
Consumer Credit Licence Number: 0580960