All Press Releases for January 27, 2010

Ireland's National Debt Doubles While Irish Families Increase Savings

With a large portion of Ireland's taxes going to the interest on a EUR150 billion debt, Irish families are stretching their income and saving more with affordable financial solutions.

    DUBLIN, IR, January 27, 2010 /24-7PressRelease/ -- With Ireland struggling under a EUR150 billion debt and needing an additional EUR32 billion to cover the interest for the next four years, it seems the entire country will have a long hard road to recovery. Further cuts in government spending are imminent, and the first to get it may be the wages and pensions of public employees, who currently earn 50% more than their private sector counterparts. It's not all doom and gloom, however.

The Bank of Ireland reports exports will grow by 3.5% and the Irish economy as a whole will improve by 1%. An estimated 3% drop in capital spending and an additional 2% in consumer spending should help to continue this new found growth. Experts say the average household savings ratio jumped to 11% in 2009, and if this continues, Irish families will be able to reverse the effects of the current economic situation and greatly improve the financial future of the entire country.

Fueling this saving trend is an influx of better financial products. FinancialFacts, Tahera Dudhwala, says financial institutions now offer a full range of different products and services to better serve Ireland's population.

"There is no single financial solution that's perfect for every individual and family. One individual might benefit more from an Irish credit card with 0% interest on balance transfers while another might benefit more from Irish reward credit cards. So, it doesn't matter whether a family is looking to pay down their debt or make their next big purchase, there's a product out there for them."

Financial institutions like MBNA Europe now offer Irish credit cards with no annual fees and low charges to make their cards more affordable. From there, individuals and businesses can choose from a number of cards offering various rewards and low rate balance transfers.

Shopping rewards cards give consumers points for every Euro spent. These points can then be spent to get more of the things they need. If an individual would like to support a particular cause, profession, or charity, that option is there as well with professional, charity and sports credit cards. To choose the right cards, individuals need to weigh the various products carefully against their budgets and spending habits. Once they're working with the products, saving and spending will be much easier and make for a much brighter future.


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