Lamport Bassitt Solicitors - Legal News - Saving rates decline as Britons 'look to pay down their debt'


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS Saving rates decline as Britons 'look to pay down their debt' Following the credit crunch, many UK citizens are allocating their funds towards repaying debt, according to new research. Unbiased.co.uk conducted a study which revealed that savings dropped by £7 billion in the second quarter of 2010 when compared with the previous such period. In fact, it found that Britons are repaying 7p of debt for every pound saved in the last few months. Commenting on the news, Karen Barrett, chief executive of the organisation, stated that UK citizens "appear to have shifted their financial habits to reflect those last seen at the height of the credit crunch, with debt repayment top of the priority list". She went on to add that for the first time since 2008, consumers are paying down their debt at a faster rate than their borrowing commitments. Meanwhile, a spokesperson for Candidmoney.com has suggested that it is better to withdraw funds from savings accounts than borrow at high interest rates. Posted by Fiona White Related Articles: 8/5/2012 - More companies fail as personal insolvencies fall 23/4/2012 - Landlords and insurers unite behind insolvency law reform 19/4/2012 - Enterprise Act 'does not need radical overhaul' 13/4/2012 - Retail insolvency rate up 15% as rent payments bite 28/3/2012 - Business insolvencies on the rise More Insolvency & Restructuring News