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Savings rise as consumers pay down debt

29/01/2010

According to a survey of 13,000 savers by ING Direct, Britons` savings have risen to the highest level in 12 months, as households paid down their unsecured debts and repaid larger amounts on their mortgage debts, the Telegraph reports.

The research found that average savings levels increased by £40 last year to £2,205.

Chief Executive of ING Direct UK, Johan de Wit, commented: "Britons spent much of last year cutting down on debt and getting their finances in order, and now it appears that they are looking to rebuild their savings.

"The psychological impact of the recession also seems to have made the public more credit averse and more cautious when it comes to spending.

"Households are taking steps to be more sensible with their money, including the recent move to build their savings buffer for any financially challenging times ahead."

A spokesperson for Debt Advisers Direct added: "It is encouraging to see that consumers are making efforts to reduce their debts and increase their savings.

"Making regular contributions to a savings account can provide excellent protection against debt should any unexpected costs occur."

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according