Consumers starting to heed debt warnings

BBA director Samantha Mitchell says that there has been an “upturn” in saving behaviour, meaning that people are less likely to be taking out credit on cards and loans.

Commenting on the Birmingham Midshares statement that Britons are putting away 40 per cent of windfall payments, such as bonuses, into savings, Ms Mitchell said: “There has been an upturn in saving behaviour.

“I think that people are waking up to the need to save.”

However, she warned that it was too early to say if this was a definite trend and stressed that much of the evidence was based on anecdotes rather than figures.

With these comments and other news from the BBA that net repayment beat credit taken for March, it could be an indication that Britons are finally waking up to the realities of debt and taking action.