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Saving money 'is a pipedream for many'
Having enough money to be able to put some aside at the end of the month has become an unrealistic ambition for many people.
This is the opinion of Justin Modray of candidmoney.com, who said most consumers are simply trying to not get themselves into debt.
"Saving for the future remains a pipedream," commented Mr Modray.
He noted that high food prices and fuel costs are causing many families to struggle, saying: "Much of their income is spent in this area."
On a more positive note, Mr Modray recognised that reduced interest rates will provide relief to low-income households, adding that this will give them "some respite through low mortgage payments".
His comments come after Credit Action recently revealed that the average household debt including mortgages amounts to £55,803 in its August statistics.
This is a slight decline from the amount owed per household last month, which typically reached £55,862.
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This is the opinion of Justin Modray of candidmoney.com, who said most consumers are simply trying to not get themselves into debt.
"Saving for the future remains a pipedream," commented Mr Modray.
He noted that high food prices and fuel costs are causing many families to struggle, saying: "Much of their income is spent in this area."
On a more positive note, Mr Modray recognised that reduced interest rates will provide relief to low-income households, adding that this will give them "some respite through low mortgage payments".
His comments come after Credit Action recently revealed that the average household debt including mortgages amounts to £55,803 in its August statistics.
This is a slight decline from the amount owed per household last month, which typically reached £55,862.
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Published: 15/08/2011
The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.