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People seem to be more interested in paying off debt than saving for the future in the current low-interest climate, a representative from Credit Action has observed.
Jo Parsley, advocacy and media officer at the charity, explained there could be a variety of reasons for this trend, but she believes general job insecurity and low savings rates may be important factors.
"Given that interest rates are still at a record low and because many are still feeling concerned about their jobs, I wouldn't be surprised if consumers still opted to repay their debts," she said.
Ms Parsley cited research by Unbiased.co.uk showing that Brits paid back more than £1 billion in the second quarter of 2010 and suggested recent figures produced by the CBI showing an increase in sales may have been down to the sunny weather over summer.
The study indicated that transactions in August were at a higher level than the same month the previous year.
Posted: 04/10/2010 | Source: Money News
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