Focus on Repaying Debt a Welcome Sign
Manchester, United Kingdom, May 19, 2010 --(PR.com)-- Financial solutions company Think Money has welcomed the findings of research by Datamonitor, which found that consumers saved significantly more last year than in previous years, with a strong focus on repaying debt also apparent.
In the third quarter of last year consumers saved a combined 19bn pounds Sterling more than a year earlier, according to the research. And in the three months to September 2009, 8.6% of disposable income was put towards savings - the highest recorded rate since 1998.
Datamonitor said that this focus on saving and repaying debt was causing a "delay in the return to growth for the credit market," but added that the market would see growth again in 2011.
A debt expert at Think Money commented:
"It's great news to see so many people focused on saving, repaying debt and generally improving their financial health. One positive that we can take from the economic downturn is that it has made people think about their finances a lot more.
"There are a lot of things people can do to improve their finances - whether it's budgeting, cutting back on a few luxuries, or indeed putting money into savings, which provides long-term security as well as protection against debt.
"But despite the overall improvements in people's finances, there are still a lot of people struggling. We're not yet 'out of the woods' in terms of the recession, and there are a lot of people who would have struggled regardless of the situation with the economy.
"It's important that these people consider all their options for tackling their debts. There are various debt solutions on offer for all kinds of problems with debt. For example, people who can't afford their existing repayments could benefit from a debt management plan, which can allow them to repay their debts at a pace they can manage.
"But this is just one example of the help available, and anyone struggling should discuss all their options with an expert debt adviser."
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Notes to Editors
One of the UK's leading financial solutions providers, Think Money is based in Salford Quays, Manchester, and employs around 800 employees to deliver a comprehensive range of debt solutions, including debt management plans, as well as loan, insurance and banking solutions.
Think Money defines its mission as 'To educate, rehabilitate and advise on all aspects of financial management'.
For more information, contact Melanie.Taylor@thinkmoney.com (0845 056 6480) or visit the Think Money website at http://www.thinkmoney.com/.
In the third quarter of last year consumers saved a combined 19bn pounds Sterling more than a year earlier, according to the research. And in the three months to September 2009, 8.6% of disposable income was put towards savings - the highest recorded rate since 1998.
Datamonitor said that this focus on saving and repaying debt was causing a "delay in the return to growth for the credit market," but added that the market would see growth again in 2011.
A debt expert at Think Money commented:
"It's great news to see so many people focused on saving, repaying debt and generally improving their financial health. One positive that we can take from the economic downturn is that it has made people think about their finances a lot more.
"There are a lot of things people can do to improve their finances - whether it's budgeting, cutting back on a few luxuries, or indeed putting money into savings, which provides long-term security as well as protection against debt.
"But despite the overall improvements in people's finances, there are still a lot of people struggling. We're not yet 'out of the woods' in terms of the recession, and there are a lot of people who would have struggled regardless of the situation with the economy.
"It's important that these people consider all their options for tackling their debts. There are various debt solutions on offer for all kinds of problems with debt. For example, people who can't afford their existing repayments could benefit from a debt management plan, which can allow them to repay their debts at a pace they can manage.
"But this is just one example of the help available, and anyone struggling should discuss all their options with an expert debt adviser."
###
Notes to Editors
One of the UK's leading financial solutions providers, Think Money is based in Salford Quays, Manchester, and employs around 800 employees to deliver a comprehensive range of debt solutions, including debt management plans, as well as loan, insurance and banking solutions.
Think Money defines its mission as 'To educate, rehabilitate and advise on all aspects of financial management'.
For more information, contact Melanie.Taylor@thinkmoney.com (0845 056 6480) or visit the Think Money website at http://www.thinkmoney.com/.
Contact
Think Money
Melanie Taylor
0845 056 6480
www.thinkmoney.com/debt/
Melanie Taylor
0845 056 6480
www.thinkmoney.com/debt/
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