Wednesday, July 19, 2006
Category:
Consolidation
There may be a distinct need for English consumers to take stock of their finances given the new research that they have some of the highest rates of personal debt in Europe.
A new study by Egg comparing England to its financial counterparts on the continent has shown that we are often lacking in some key economic factors when compared to our neighbours.
It seems that despite English consumers having the highest average incomes and net savings, they also suffer from the lowest household savings ratio and also the highest personal debt.
With the average English unsecured debt reaching €5,670, the borrowing culture in the UK is rapidly increasing giving many consumers a reason to consider the benefits of debt consolidation.
Alison Wright, Egg chief marketing officer, said: "England's performance is not as strong as it could be. Our research ultimately shows that we could learn some valuable lessons from our European rivals by making our money work harder for us in key areas.
"This is particularly true with regards to paying down our short-term debt, adopting a healthier savings mentality and shopping around for the best insurance deals in the marketplace."
