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One In Eight Homeowners Rely On Savings |
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(14th July 2008)
As the credit crunch bites consumers are falling back on their savings to see them through the tough times, according to new research by Chelsea Building Society.
One in seven said they had used their savings to pay for utility bills or council tax and a similar number have dipped into their savings to pay for food.
And in the last three months one in eight have paid their mortgage or rent with money from their savings.
Darren Stevens, director of customer services at Chelsea Building Society, told the Press Association: "We are concerned that many people's finances are in real trouble due to the growing pressure of rising costs across so many essential items."
Chelsea, which is the fifth largest building society in the UK with more than £13 billion worth of assets, said that as a result of rising prices people are expecting to save less each month.
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News brought to you by Start Again Finance, specialists in bad credit mortgage advice, loans, credit cards, savings and insurance |
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