The financial midweek press took a more positive turn this week, with the release of Bank of England figures showing that £400 million more has been paid off UK mortgage debt than has been borrowed. The Daily Mail reported that £2.2 billion was withdrawn from building societies in June, suggesting that customers are diverting their funds from low paying savings accounts and using the money to repay credit cards and loans. The Daily Express discussed the importance of financial planning from an early age, and advised those in their early 20s to get their priorities right in all areas from training and education through to property and investment. With the average age of First Time Buyers now at 31 even with parental assistance, experts agreed that many young people will be unable to buy right now, but saving even a small amount each month will help build up a deposit for a later date. Elsewhere, the Daily Mirror reported on the new DirectGov website which provides advice and information for homeowners struggling with mortgage arrears. Basic advice includes maintaining communication with the mortgage lender to try and find a solution, whilst also seeking independent advice from an organisation such as the Citizens Advice Bureau.
What the papers say- 2nd September 2009