(1888PressRelease)
June 27, 2007 - It seems that the Brits are eating up loans like anything. The first quarter of 2007 saw the Brits take out almost £15 billion in the form of secured and unsecured debts. This figure was almost £100 million more than in the last three months of the year 2006, according to Unbiased.co.uk, a Web site engaged in the promotion of independent financial advice.
As far as savings during the same period was concerned, it plummeted to new levels. The survey showed that Brits saved £37 billion in the first quarter of 2007 - a drop of £6 billion on the last quarter of 2006.
David Elms, chief executive of the Website Unbiased, said: “Last year was a record-breaking year for UK savers, with an increase of nearly 150 billion pounds in the amount saved in total by UK consumers, but the 'savings break' ratio has now moved back up above the 40 pence mark”.
Elms further said that all the conscientious efforts made on saving money were being undone by continued increased usage of credit cards, personal loans and overdrafts.
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