Monday 23rd of March 2009
The credit crunch has hurt consumers on a number of different fronts, an expert has noted.
Sean Gardner, director of price comparison site MoneyExpert.com, explained that falling interest rates have had negative effects for people in different rates.
Those who choose to save have seen their returns dwindle, while he observed that borrowers are continuing to pay higher charges, something that could lead to the need for a debt management plan.
According to Mr Gardner, Britons need to take particular care over their accounts as the economic climate in recent times will have felt like an "endless string of financial blows".
"Things have pretty much all moved the wrong way for consumers, with rates on loans and credit cards shooting up at almost the speed of savings rates crashing down," he said.
A recent study by PricewaterhouseCoopers indicated that the average adult in the UK has lost £40,000 of wealth due to the financial crisis.
