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Government warns about rising credit card debt Debt - the 12-month view Amount of `bad debt` written off reaches 16-year high Deeper into debt: middle-class poverty Debt taken on by individuals increased in January Debt Relief Order (DRO) rules may be changed Overdrafts: five million Britons `permanently` in debt Mortgage lending drops to decade low The cost of debt falls Two thirds hope to have cleared mortgage debt by 50 40% of people approaching retirement `saddled with debt` Repossession `may be best` for homeowners struggling with debt Bankruptcies in Scotland - the worst may be yet to come Good news for people with energy debts US: new law provides debt-free date More debt taken on than repaid in December Savings rise as consumers pay down debt Household debt `could trigger another downturn` More families could fall into debt with energy companies Recession ends

Savings rise as consumers pay down debt

29/01/2010

According to a survey of 13,000 savers by ING Direct, Britons` savings have risen to the highest level in 12 months, as households paid down their unsecured debts and repaid larger amounts on their mortgage debts, the Telegraph reports.

The research found that average savings levels increased by £40 last year to £2,205.

Chief Executive of ING Direct UK, Johan de Wit, commented: "Britons spent much of last year cutting down on debt and getting their finances in order, and now it appears that they are looking to rebuild their savings.

"The psychological impact of the recession also seems to have made the public more credit averse and more cautious when it comes to spending.

"Households are taking steps to be more sensible with their money, including the recent move to build their savings buffer for any financially challenging times ahead."

A spokesperson for Debt Advisers Direct added: "It is encouraging to see that consumers are making efforts to reduce their debts and increase their savings.

"Making regular contributions to a savings account can provide excellent protection against debt should any unexpected costs occur."

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

Government warns about rising credit card debt 05/03/2010 - The latest figures from the Bank of England (BoE) have Debt - the 12-month view 04/03/2010 - In January, UK citizens - between them - borrowed £500 Amount of `bad debt` written off reaches 16-year high 03/03/2010 - The latest figures from the Bank of England (BoE) suggest Deeper into debt: middle-class poverty 02/03/2010 - The recession has also affected a lot of people with