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PPI Claim News - 3/2/2010

Credit Card Claim: Consumer debt is limiting personal savings, says expert

Mounting credit card debts and mortgage repayments are preventing consumers from being able to keep satisfactory savings, an expert has claimed.

Moneynet spokesperson Andrew Hagger said that low interest rates available on savings accounts are resulting in people plumping what little cash they have into paying off their existing debts.

His comments come after ING Direct figures showed that the average person in the UK has just £2,205 available in savings.

This is equivalent to about 1.7 times the average monthly income for Britons and is therefore short of supporting job seekers, who can spend up to five months looking for work following a redundancy.

"The ING figures are not surprising. 2009 was tough, with a lot of people losing their job and having their overtime cut, or being moved to part-time work, so have had to eat into their savings," added Mr Hagger.

In addition, many consumers have been faced with excessive credit card charges and payment protection insurance which has diverted money away from savings.

For help making a PPI Claim, Loan claim, PPI reclaim, or a credit card charges claim then call Belmont on 0845 526 0000 or fill in the Quick Claim box to be sent a PPI Claim form, Loan Claim form, PPI reclaim form or credit card charges form.ADNFCR-2776-ID-19594352-ADNFCR

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