Lamport Bassitt Solicitors - Legal News - Consumers 'must spend within their means'


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS Consumers 'must spend within their means' An expert has said that UK citizens should ensure their personal debts are kept under control. Jo Parsley, advocacy and media officer for Credit Action, responded to the question of whether it is better for the economy for people to spend cash or pay off debt. She said: "A nation of out of control borrowers is not good for UK consumers or the economy." Ms Parsley added that irrespective of whether people owe money or not, "they still need to spend, but the key is to do so within their means". The expert added that the low rates of interest mean that consumers will choose to pursue this course of action and pay off their liabilities. Recently, unbiased.co.uk claimed that UK citizens are repaying 7p of debt for every pound they saved in the second quarter of this year. Indeed, the amount of savings dropped by £7 billion during this period. Posted by Isobel Whitely Related Articles: 1/2/2012 - Insolvency body warns of greater SME distress 31/1/2012 - Govt makes u-turn on insolvency reforms 25/1/2012 - UK Q4 GDP shrinks as corporate insolvency rate creeps up 19/1/2012 - Corporate insolvency rates may rise 11/1/2012 - BRC warns over further retail insolvency problems More Insolvency & Restructuring News