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01/11/12
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Money advice in increasing demand, says study
31/10/12
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Payment barriers exist for disabled and older people, says study
31/10/12
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Gender differences apparent when financial planning
31/10/12
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Half of Brits shop with a basic credit card, says study
30/10/12
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Number of Brits sitting on forgotten direct debits - 2.68 million
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News
28/01/2010 18:46:42
Recession provided 'debt shock'
The recession has provided many people with the shock that they required to begin to pay down their debts, it has been suggested.
Recent figures have shown that the UK is no longer in recession but many experts are predicting that caution will remain in the market.
The Office for National Statistics figures revealed that gross domestic product increased 0.1 per cent in the fourth quarter of 2009, in comparison to a decrease of 0.2 per cent in the third quarter.
Pierre Williams, head of research at MoneyExpert.com, said: "In many ways, the recession has shocked borrowers into action with job worries meaning borrowers have looked to pay down debts rapidly."
He added tumbling mortgage rates due to the Bank of England's move to cut interest rates to 0.5 per cent has saved homeowners thousands.
According to the Bank of England, consumer credit fell by a net £0.4 billion in November, weaker than the previous six-month average of a £0.2 billion fall.
