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'New debt management needs' for savers

'New debt management needs' for savers

- Tuesday, 24 March 2009

People who were using interest on their savings could find they are less able to manage debt in the current low base rate economic environment.

The Daily Mail reports that people who, during prosperous times, put money to one side are now finding they are unable to call on the interest generated by those funds to help with their finances.

And the looming period of deflation could also hamper the debt management efforts of young homeowners, should they enter into negative equity.

Darren Cook, of financial information firm Moneyfacts, tells the publication: "Those who have sensibly put money aside and caused no problems are feeling the recession the most."

Pensioners are also said to be at risk of being less able to manage debt as any savings they hold will be generating less interest at present.

However, for some tracker mortgage holders the current economic climate has left them facing monthly repayments of just 1p, according to the Daily Mail.ADNFCR-2300-ID-19088783-ADNFCR
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