People 'need to be patient with finances'

Britons will now have to patient when it comes to purchasing items and will once more have to save up for things, it has been suggested.

Those consumers looking to fund purchases are being advised they will have to concentrate on putting money into saving accounts in order to do so, it has been reported.

Chris Tapp, director of Credit Action, reveals that with figures from the organisation showing that the nation's personal debt stood at £1,459 billion as of the end of May, the country is currently "feeling the effects of the borrowing binge".

And as the economic crisis rumbles on, he states that the impact of Britain's heavy reliance on debt over the past decade is still to put a strain on overall economic recovery.

However, despite the downturn he states that the nation's debt - which could include that accrued via credit cards - is continuing to grow, albeit at a much slower rate.

"As consumers we want instant gratification and buying things now without saving, but we need to learn to be patient," claims Mr Tapp, in news that could interest those on the search for high interest savings accounts.

His comments come as Motley Fool director David Kuo recently claimed Britain will be divided into those people who are able to repay their debts and those that can save.

Written by Nate Sawyer