HOUSEHOLDS are stashing cash, says the National Savings (NS&I) Savings Survey which claims the proportion of income people are setting aside (6.90%) has hit levels not seen since before the start of the economic downturn.
On average, Britons now save £85.21 each month, up from £81.94 last quarter, though take-home income continues to decline, down to £1,235 from £1,310 in the last quarter. Around 50% of households save regularly, the highest level since winter 2007/08.
THE cost of credit is “entirely decoupled” from Bank base rate, says the Money Advice Trust.
In June 2008 the average rate on a credit card was 12.08%, giving providers a margin of just over 7% above base rate. Today the average rate is 12.38%, giving a margin over base rate of nearly 12%.
The figures are little better for personal loans. In June 2008, the average rate on a new personal loan was 9.4%, a margin of 4.4% over Bank base rate. Today the average margin over base rate is 6%-plus.
CONSUMER group Which? urges drivers to compare rival quotes before they renew their car insurance after its research showed 60% of drivers who shopped around managed to undercut their renewal quote, saving an average of £58.
