Tuesday, October 13, 2009
Category:
Consolidation
New research by Abbey Savings has revealed that since January of this year there has been a 26 percent increase in the amount of money set aside by the average saver each month.
Findings show that an average monthly sum of £206 is now being saved, which equates to approximately £59.5 billion. In contrast, £163 per month was being saved at the start of the year.
However, according to Abbey Savings, the total number of savers has dropped by 6 percent since the beginning of the year. In addition, 26 percent are now said to be saving less than they were in 2008, which marks a 6 percent increase since May of this year. Furthermore, 40 percent continue to refrain from putting away any money at all.
Director of Savings & Investments, Reza Attar-Zadeh, commented: "At a time when it's never been more important to put money away for a rainy day, it's encouraging that the amount being set aside by savers each month has risen by more than a quarter. And it's not too late for those Britons who haven't yet kick started their savings habit to make a start - putting aside even a small amount each month will quickly add up to help provide them with a safety net in today's difficult economic climate. Opening a cash ISA offers savers one way of achieving this through a tax-free rate of interest to help make their money go further."
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Homeowners who are not in a position to save due to outstanding credit commitments, could consider re-organising their finances with a secured loan. One of many finance options available, a secured loan could be used to
consolidate existing debts, such as personal loans and credit cards. By tying these debts up into one place, the borrower could not only reduce their number of monthly repayments, but also their total monthly outgoings. However, when considering a secured loan for debt consolidation, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
