Britain Borrows more than 11bn
UK consumers amassed over £11.7 bn in debt in the third quarter of this year, research from website Unbiased.co.uk has shown.According to Unbiased.co.uk, high interest rates combined with ongoing consumer uncertainty over the impact of the credit crunch have led to consumers using savings to pay for their expenditure. The research also revealed UK savings have dropped by over £11bn in this years third quarter. This means that for every pound UK consumers saved during the third quarter of 2007, they borrowed 35 pence.
David Elms, chief executive of Unbiased.co.uk, commented: We have seen a lot of activity in the financial markets in the third quarter of 2007, which marked the beginning of the Northern Rock (LSE: NRK.L - news) crisis. Interest rates over the summer were still at a high level of 5.75% and many people will have felt the impact of the credit crunch starting to bite their disposable income.
He added: While the high level of borrowing and a drop in savings for this quarter may come as no surprise, it is a worrying development. It is important for people to take control of their finances now to ensure their savings and borrowings remain at a healthy level.
FH Debt Solutions can help you get back in control of your debts. Our highly trained advisors are always happy to help. Our Debt Management Plans & IVAs have already helped thousands of people on their way to becoming debt free.
Call Our Debt Management Helpline Today On 0800 389 6339
FH Debt Solutions are licensed Debt Adjusters and are Data Protection registered. We have partnerships with Licensed Insolvency Practitioners, Credit Brokers and Mortgage Brokers.
There are a large number of companies out there offering services but charging percentage fees on a month by month basis. These fees can be 15% of you overall payment. E.G. payment is £300 their fee is £45. FH Debt Solutions believes in being realistic with charges. We have built up strong relationships with creditors over the years that have helped give our customers a quicker and more effective service. Fees are based on work load, not the amount of debt you owe.
FH Debt Solutions is a partnership. The partners bring many years of experience in the Debt Management field. By working for other Debt Management companies, the partners found gaps in service, reliability, customer satisfaction and overpricing. Using our knowledge and listening to what customers want, FH Debt Solutions was formed.
All customers have an appointed member of staff to deal with their case from start to end. This helps us keep our service high and queries low.
Being in debt is stressful. FH Debt Solutions gives its customers a sympathetic, professional and stress free alternative to their debt problems, and with the office always open, you can call at a time that's convenient to you.
