Family life: Saving to spend will make a return
A return to the days of saving in order to spend are almost upon us, according to one expert, who predicted that the next year will see more frugal financial practices make their way into family life.
Jasmine Birtles, founder of moneymagpie.com, said that for the last decade people have been spending money as if there would be no tomorrow, but now she believes the nation is changing its ways.
"The next decade should be a much more sober one. The idea of saving in order to spend will have to come back. People don't particularly want to, but we have learnt a lesson," she stated.
Ms Birtles added that many banks are tightening their lending criteria in order to avoid people who might not be able to pay them back.
Recent figures from moneysupermarket.com show that personal loan rates are starting to fall, with the average rate of the top ten loan deals falling to 8.35 per cent - the lowest since the Bank of England cut the base rate to 0.5 per cent last year.
Posted by Libby Ward
© Adfero Ltd
Date Posted: 22/01/2010
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