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Consumers encouraged to save to help them avoid debt problems

Consumers encouraged to save to help them avoid debt problems

- Wednesday, 12 January 2011

Brits have been urged to put money aside as savings could work as a financial safety net and help someone avoid needing to seek debt help.

According to the Skipton Building Society, one in three consumers cannot afford to save, while 25 per cent save as much as they can but feel it is not enough.

It was also found that 55 per cent of those polled put aside less than £100 a month, which may not be enough if someone loses their job.

Therefore, people concerned about the possibility of debt problems may like to shop around for a savings account that offers good rates of interest.

In this way, consumers can earn money on top of their savings even if they can only afford to put a little aside each month.

Moneysupermarket.com recently suggested that consumers should shop around for all of their financial products as it could help them save money in the long-term.

Kris Brewster, head of products at Skipton Building Society, said: "We all know how difficult it is to put money aside at the moment, however as we move into a new year this is the ideal time to start re-assessing your finances."
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