Debt levels 'rising'

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Debt levels 'rising'

Fri 10th Oct 2008

Consumer borrowing has increased to £5.9 billion in the year's second quarter, new figures show.
The data from unbiased.co.uk found that this makes an increase of £757 million compared to the same period in 2007.
For every pound saved in the last quarter, 15 pence was borrowed.
Furthermore, consumers' savings have dropped by £4 billion compared to 2007.
David Elms, chief executive of unbiased.co.uk, urged people to take control of their finances and warned of the dangers of increasing borrowing while lowering saving.
"Reigning in on spending and making sure that your savings are working hard for you are only the start of kick starting your finances," he said.
Last month, unbiased.co.uk reported a record level of consumer satisfaction with people who had met an independent financial adviser (IFA).
According to its research, 87 per cent of people who had seen an IFA would use the same one again.
Of those who would not see the same one, 80 per cent would still see another IFA in the future.

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