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City analysts today warned the government that the British economy is set to witness a recession which could last up to 18 months. Capital Economics predicts that the gross domestic product for the...
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Wednesday 12th December 2007
It has been claimed that more people need to get into the habit of saving money for their future, particularly now that the credit crunch is beginning to take effect.
Colin Jackson, director of Baronworth Investment Services, has pointed out that the slowdown in the financial sector is going to make it more difficult for people to access credit in the future and this means savings will come in handy to those that have them.
"If you decide that you really must save every month it's no good saying that you'll put £10 in a building society account every month, set up some sort of saving scheme where it's paid by direct debit," Mr Jackson suggested.
He added: "Once you're into the discipline it becomes part of your general overheads and as far as the money in the bank goes you just pay your savings in each month."
Total UK personal debt has now far surpassed the £1 trillion mark and is still growing. But the credit crunch could bring an end to the easy availability of credit over the course of 2008, meaning people should begin considering savings schemes to ensure they have some money put aside for leaner times.
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