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Newsletter

Brits urged to put money in savings accounts

By Sarah Engle, Fri 3 Jul 2009 - Published in Banking

People are being urged to be more responsible with their money in order to reduce the UK's £1,459 billion of personal debt.

Credit Action, a debt charity, is encouraging people to put money away in a savings account rather than getting further into debt.

Chris Tapp, director of the organisation, said: "The levels of consumer debt demonstrated here will put a strain on the economy as we look to recover and will put the speed of recovery in check."

He said he hoped the figures from Credit Action, which show that debt has risen by £17.9 billion in the past year, will be a "wake-up call" to some people.

The mentality of consumers needs to change, the expert said, as people now want instant gratification, which leads to buying things now rather than saving.

But Mr Tapp said the situation needs to change otherwise the country will be in the same situation in ten years' time.