'Saving to spend' likely to replace credit

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'Saving to spend' likely to replace credit

Consumers are likely to begin saving their money again before making a major purchase, rather than buying on credit, in the view of one expert.

Jasmine Birtles, founder of financial advice website Moneymagpie.co.uk, stated that she believed the next decade will be a more sober one in terms of spending, as people begin to adopt the idea of saving in order to spend again.

She explained that although people will not like to do so, many will have learned a lesson following recent financial difficulties. In addition to this, many institutions will not have the money to lend readily available.

"For the last few years we have been spending money like there is no tomorrow, but now that has finished," Ms Birtles concluded.

Her comments follow a report from moneysupermarket.com, which found that personal loan rates are beginning to fall, with the average rate standing at 8.35 per cent, the lowest it has been since the Bank of England base rate was cut to 0.5 per cent in March last year.

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