Financial Matters

It seems the Americans have learned anything from the global recession. After years of spending beyond their means, many people finally start to pay off debts, get their finances in order and begin primarily to save money.

The personal savings rate in America has recovered to 3.6% and American Express said that more customers make more than the minimum payment and pay off debt faster. Even more interesting is that America's outstanding credit card debt fell by nearly $ 100 billion.

However, it is not all good news. Behind these figures is the fact that many banks and credit card companies get rid of bad loans, meaning they are no longer lend to people they perceive as risky.

Because of high unemployment and a slow-moving economy, many consumers are still stuck in debt. Some are using CEO pay hefty debt despite the country's financial woes, but recent government figures show a 6% decline in the level of disposable income of consumers to pay off their debts.

The picture is much darker in the UK. Personal debt increases, inflation was mainly due to rising unemployment, underemployment, and freezes high. According to Nation Savings and Investments, was the British public saving 6.22% of their income in the summer of 2007, during the crisis, this rose to 6.48%, as the people are scared and worried about their future. But at the beginning of the year 2010 this rate dropped to 6.25% or 81.94 pounds per month.

More worryingly, the number of people does not save at all. This has doubled almost 20% in 2009 to 37% now. This means the people have no safety net for themselves when something goes wrong.

So what options do consumers have, both sides of the Atlantic, in terms of savings and get their finances in order?

The first step on the road to recovery is to erase debt. Many consumers have to pay so many bills that things simply out of hand, so that a monthly payment is better than ten and one monthly payment at a rate that is affordable, better than a whole series of compensation rates that made differently decent usury . To consolidate a loan for any other so the best option.

In Britain, many high-street banks are starting to offer a better loan rates, which means you, do not have to get to a particular loan. The best offer is at the moment of Santander. Santander offers loans at 8.9%, which is the main competitor, HSBC, Barclays and NatWest beats with ease. Do not be wiped off the loan taken another loan if it is financially better off you are.

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