Brits Need To Be Savvy When 'Saving And Spending'

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Article Title: Brits Need To Be Savvy When 'Saving And Spending'
Author: Mark Dawson
Category: Loans, Personal Finance
Word Count: 515
Keywords: finance,credit,low,cost,cheap,secured,loans,personal
Author's Email Address: admin@loan-arrangers.co.uk
Article Source: http://www.articlemarketer.com
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Consumers appear to preparing evermore for their financial future, it has been suggested.

In findings released by IFA Promotion's Savings Brake report, Britons saved some 47 billion pounds during the second quarter of 2007. And although the effects of a series of interest rate hikes by the Bank of England's monetary policy committee since August 2006 may increase levels of loan repayments for borrowers, the firm suggested that more adults are taking advantage of the rises to put money into savings accounts. Between April and June, it was suggested that the proportion of cash set aside was up by some 10 billion pounds from the same time in 2006.

Meanwhile, Britons were shown to be taking a more cautious attitude in regards to loans and other forms of credit. Over the course of the second quarter of this year, they borrowed some eight pence for every pound saved - down from the 32 pence against the pound noted during the previous three-month period and a record figure noted by the company. Further research from the company also indicated that consumers took out about 4 billion pounds in unsecured and secured debt, which includes borrowing methods such as secured loans, between April and June. During the same period in 2006, the level of money borrowed was around the 17 billion pounds figure.

David Elms, chief executive of the organisation Unbiased, commented: "It is extremely encouraging to see that savvy consumers are taking advantage of the recent rate hikes with previously unseen record levels of savings now taking place. Plus it's even better that Britons appear to have tightened their belts and are approaching borrowing far more cautiously than in previous months".

"Last quarter saw the Savings Brake ratio worryingly move back up above the 40 pence mark - a consequence of paying off Christmas debt - so it's with relief that we see it fall by a staggering 24 pence in Q2. However we shouldn't take these figures for granted - it's important to note that personal debt in the UK continues to rise and, as such, UK consumers should continue to be savvy when it comes to saving and spending their money".

However, those concerned that their present financial situation does not afford them enough disposable income to allow them to start saving for the future may wish to consider applying for a low-rate loan to help consolidate their debts. Helen Saxon, spokesperson for the Finance and Leasing Association, stated earlier this year that getting a cheap loan can be a more effective means of debt consolidation ahead of a credit card as they usually attract lower rates of interest, which in turn will see more of borrowers' money going towards reducing how much by which they are in the red.

Ms Saxon also stated that loans are being taken to fund purchases "across the spectrum" from buying a new car to home renovation projects. However, she advised that despite loans potentially being a "positive move", borrowers should be careful in making sure that they will always be able to make repayments and do not go into the red again

Mark Dawson writes for Loan-Arrangers .co.uk where visitors can compare cheap loans online. Then apply for the best low rate loans and bad credit loans available. Visit today http://www.loan-arrangers.co.uk
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