A lack of savings could be leading the nation into a crisis, it has been warned.

Colin Jackson, director of Baronworth Investment Services, notes that while Britons' communal finances are not yet in dire straits, "it ain't looking good".

His comments could foreshadow an increase in personal debt - although products such as debt consolidation loans might help to keep monthly repayments down.

"The more we have to spend on day-to-day living, rent and mortgage means that we have less over at the end of the month for our savings," Mr Jackson explains.

"The way things are currently - and they have been for some while - people are finding it very tough to put money aside."

Such people could turn to credit such as overdrafts and credit cards to fund their daily purchases in the short term.

But in the long term, a debt consolidation loan could be the best way to keep monthly repayments to a minimum and leave funds spare to add to savings accounts.ADNFCR-1287-ID-18388480-ADNFCR

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