ABCUL expert: People should opt to save rather than get credit

Consumers should look to save money if they want to buy something, rather than looking at how they might be able to get credit, an expert from the Association of British Credit Unions Limited (ABCUL) suggests.

Mark Lyonette, chief executive of the organisation, has noted that people's attitudes may need to change in the future, when it comes to the issue of credit.

Commenting on how the country's credit market could be improved, he stated: "[Changing] this notion, that if you buy now on credit as opposed to saving to find your way to buy something, ... has got to be part of this solution."

Meanwhile, Mr Lyonette has also welcomed the Conservative Party's recent focus on saving.

The large amount of personal debt that UK consumers are having to deal with was recently highlighted by the Citizens Advice director of policy Teresa Perchard during the Northern Money Conference 2010.

Posted by Tom Burroughs.