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Figures out this week have shown that despite all the problems encountered this year by prospective borrowers, this year has also been a turbulent one for savers as well.

The figures show that UK savers had an increasing number of savings products to choose from in 2009 but interest rates were at record lows.

An extra 220 savings products are on the market compared with the start of the year, but the majority have seen rates drop by more than 0.5%.

The financial information service moneyfacts.co.uk has said that only those willing to lock money away in fixed-rate products benefited.

This is because the conservative approach by financial institutions in the downturn has led to demand for savers’ money over a long period.

As a result, the typical interest rate for a three-year bond has risen by 0.64% over the year to 4.1%. For a five-year bond, the average interest rate has risen by 1.3% to 4.63%.

However, typical rates for one-year bonds, Individual Savings Accounts (Isas), notice and easy access accounts have all fallen, whereas demand  for a payday advance has increased.

Those that rely on the income from their savings to supplement their income, such as pensioners, have been the hardest hit, with many having to make changes to their lifestyles as a result.

The low-risk approach by lenders resulted in the interest charges on unsecured cash advance loans – such as credit cards and personal loans – rising by 0.4% over the year.

Unlike on secured lending, lenders have no guarantee of getting their money back. As unemployment continues to rise, the risk of customers defaulting on payments increases and this increased risk is being reflected in higher rates.

Card companies are continuing to offer competitive introductory deals, but appear to be severely limiting who they will accept for such deals.

Signs from the Monetary Policy Committee of the Bank of England lead many analysts to suggest that the problems faced by savers are unlikely to end soon, with interest rates being kept low during the first months of 2010.

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An ironic story has hit the news this week. It has emerged that the Edinburgh-based debt solutions company, Invocas, has reported half year pre-tax losses of more than £1.5m.

Most of the loss was down to one-off restructuring costs, including money paid out after terminating contracts.

Earlier this year, Stephen Lightley stood down as chief executive with the group after just a year in the job.

The company said it had cut staff and overhead costs during the past six months, and at the same time won significantly more work as is easy to imagine during a recession.

The number of people working for Invocas dropped from 164 last year to 143 in September this year.

The company said marketing costs fell by 11% as steps were taken to cut advertising spend, management positions, call centre roles and agency fees.

The work won during the six months to September increased by 16% to £3.2m and the number of cases won increased to 854.

In a statement, the chief executive of Invocas, David Macmillan, said he believed economic conditions would continue to favour the debt industry. “We are anticipating increased levels of corporate insolvencies as a consequence of recessionary pressures on consumer and corporate spending and more aggressive tax recovery tactics by HMRC, and see little prospect of the overall level of personal insolvencies reducing in the foreseeable future.”

Apart from the moral ambiguity of many companies in the so called ‘debt industry’, the losses at Invocas clearly demonstrate how everyone, businesses and individuals, must keep their eyes on their finances because even those that seem the most secure can come unstuck in this economic climate.