IVA & Debt Consolidation Advice

In a new survey released by the Yorkshire Building Society Britain could save £44 billion pounds a year by making small changes to their daily spending. By "tightening their belts" people could erase Britain's £27 billion savings gap and lessen their debt problems.

Britons could wipe out the country's saving gap and lessen their debt by making small changes to their daily spending, according to the Yorkshire Building Society (YBS).

In the survey, released on November 6th, YBS claims people could save £44 billion every year if they "tighten their belts" and eradicate Britain's £27 billion savings gap.

Of the 1,631 adults surveyed, 84 per cent believed they could make some sort of saving on their daily expenses, with 57 per cent claiming they could say £3 every day – which equals £1,065 in a year.

YBS's media relations manager Tanya Jackson said: "It is interesting to see that by simply making a few small changes to how we run our lives, we can save a substantial amount of money – over £44 billion a year in total."

In a report by Money High Street, some of the most popular methods of saving included making packed lunches, driving slower and reducing holiday spending.

"With the UK facing further interest rate rises, rising house prices and a savings gap of £27 billion, consumers should seriously consider tightening their belts and getting into the habit of saving regularly," Ms Jackson added.

According to the survey, 35 per cent of adults have no savings at all, although making small changes on daily expense could end this as well as lessen Britain's general debt problem.

Statistics published by Credit Action on November 1st revealed Britain's personal debt stood at £1,258 billion by September 2006 – growing at a rate of £1 million every four minutes.

A report by the government's Insolvency Service on November 3rd showed record numbers claiming bankruptcy or individual voluntary arrangements due to increasing debt.