Savings contributions rose by £18bn in Q2

The amount of money put into accounts with the best savings rates in the second quarter Q2 of the year rose by £18 billion, new figures have shown.
 
Data published by Unbiased.co.uk has revealed that this rise is at a slower rate than in the first three months of 2011, where savings rose by £24 billion.
 
However, the amount of money being borrowed has fallen by £1.7 billion, albeit at a slower rate than in the first quarter.
 
Karen Barrett, chief executive of Unbiased.co.uk, has warned that there has been a slowdown in both debt repayments and savings growth this year.
 
She said: "It seems that rising inflation and living costs are taking their toll on consumers, leaving them with less disposable income to save."
 
Ms Barrett added that it is crucial customers consult with experts to get the best savings rates and to manage their finances for the long term.
 
Recent Credit Action figures have shown that the average household debt has now reached £55,814.

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2011-09-08 12:57:22 © Moneyextra.com