Debt repayments up: savings hit
01/09/2010Credit crunch Britain is seeing consumers have urgently trying to pay off their debt for the second time.
A study by financial advisory service unbiased.co.uk suggests people are raiding their savings in order address their debt management.
Savings are said to have dropped since quarter two of 2010 – as Britons repay seven pence of debt on average, for every pound they had saved.
Such behaviour towards debt was last seen at the start of the credit crunch, as borrowers began repaying more debt than they were taking out, in Quarter 1 of 2008.
This meant that compared to the first Quarter of 2010, savings overall fell by £7 billion across Quarter 2 in 2010.
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