Credit Action Debt Stats February 2012

Credit Action Debt Stats February 2012

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The credit action debt stats have been released for this month and they show an insight into the public finances in the UK.

Holidays
The findings show that more and more people are attempting to save money. Research by Sainsburys Finance shows that 28.9 million Brits are planning a holiday this year, but 78% state that they will be spending less money then they did last year.

45% of those surveyed are planning to holiday abroad this year, where as 43% are planning to holiday in the UK to keep costs down.

Transport
According to the AA, it now costs an average of 66.75 to fill a 50 litre tank with petrol. The UK now has the eighth highest price of petrol in Europe, and the third highest diesel price.

The RAC now report that it costs on average of 6,689 to keep a new car on the road, equal to 128.64 a week.

A survey by Hastings Direct has shown that the rising cost of driving is having an affect on drivers, with 78% of people saying that it is now affecting how often they drive.

-1% of drivers have now given up driving completely, in an effort to cut down on household bills.
-1 in 5 drivers say that they will give up driving if fuel prices hit 2 per litre, with 12% of people saying that will purchase a hybrid or electric car if fuel rises to this amount.
-Out of those who state that have cut down the amount they drive, 49% have cut down by at least 25 miles per week, 32% by at least 50 miles and 7% have cut out over 100 miles per week.

Charity
In spite of these findings, research from the Charities Aid Foundations World Giving Index 2011 show that the UK is the fifth most charitable nation which is up from eighth last year. According to the study, 79% of people donate to charity every month and 28% volunteers each month.

Savings
The stats also show an insight into how much the UK population is putting away into a savings account. A survey by NS&I show that young men between the ages of 25 and 34 are the most dedicated savers. According to the findings they put away on average 104 per month which is above the national average of 88.

-47% of this group are saving up for a deposit on a home. 25% are saving for a holiday and 23% are saving to ensure themselves of financial security.
-The survey also showed that people ages 16 to 26 are putting away 7.8% of their income on average. This is higher then anyone in the 25-65 range.

However, research from First Direct suggests that 28% of households have less then 250 in savings. The average estimated monthly outgoings for a household is 1,536. This means that if a household was to unexpectedly loose its income, savings of 250 would only last 5 days.

Out of those asked, if found in this situation up to 11% of people would rely on a personal loan or a credit card in order to covert their expenses.

If you find that you are struggling with your finances, you might benefit from speaking to an advisor from The Debt Advisor. The Debt Advisor is committed to finding the right solution for individuals. We are members of both DEMSA and DRF which ensures that we offer the highest level of service to our clients.

Call today on 0800 085 1825 to speak to one of our friendly advisors or visit out website www.thedebtadvisor.co.uk for more information.

About the Author:
In June 2000, Beverly Budsworth established The Debt Advisor, one of the first firms to offer comprehensive advice on all debt issues.

Her experience of dealing with personal debt issues led to her being asked to join a number of government-led working parties in 2004 and 2007 to look at ways of simplifying the formal procedures of helping people out of debt. She continues to work with several of the leading professional organisations in the sector and is a member of the Insolvency Practitioner



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