Save to counter debt problems
13/01/2011Consumers living in the UK who are currently trying to navigate the tough financial climate right now, should be putting some money aside to help with debt problems.
Research by the Skipton Building Society finds that around a third of its customers report being unable to afford the luxury of not having to use their income to address costs on their budgets.
Meanwhile 25 per cent save as much as they, but say they feel as if its not enough to make a difference when it comes to their own debt management.
The research also highlights that 55 per cent of people surveyed try to save under £100 per month, which Skipton thinks will not be sufficient if a family breadwinner is unlucky enough to lose their jobs.
That's why the Skipton Building Society recommend that people concerned about debt problems becoming an issue should research the marketplace for savings accounts that offer the best rates of interest.
Consumers can therefore earn a little more on top of their savings - even if what they have to put away each month is only minimal.
Debt expert Kevin Still says, "For UK households without any surplus income the threat of debt problems from income reduction or rising costs remains very acute.
Most essential household costs are rising faster than cost of living increases requiring bill payers to be very clear on who to pay first to avoid serious debt problems." 
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