Consumers have upped their savings to record levels as the credit crunch forces families to tighten their belts.

Savings rose £10 billion in the second quarter of 2007 to £47 billion, according to the latest survey from Unbiased.co.uk, an independent-advice website. It was the highest figure in the survey’s six-year history.

At the same time, the amount we borrowed, excluding mortgages, dropped nearly £8bn to just £4bn compared with the previous three months.

That means we are borrowing just 8p for every £1 we save, down from 32p in the previous quarter.

The survey takes data from, among others, the Bank of England and the British Bankers’ Association, to work out how much we are borrowing on loans and credit cards compared with the amount we are saving.

It suggests families are curbing their debt as the credit crisis has pushed up variable mortgage rates for new borrowers, as credit-card firms tighten their criteria.

On the other hand, savers can get the best rates for years, prompting many to salt more cash in deposit accounts.

Most of the 7 per cent deals that were around last week have now been withdrawn, but you can still earn 6.92 per cent in Saga’s fixed one-year bond for the over fifties. Birmingham Midshires also has an online bond paying 6.91 per cent.

David Elms, chief executive of Unbiased, said: “It is extremely encouraging to see that savvy consumers are taking advantage of the recent rate hikes with previously unseen record levels of savings now taking place.

“It’s even better that Britons appear to have tightened their belts and are approaching borrowing far more cautiously than in previous months.”

A separate survey from Abbey found that savers are considering switching more than £57 billion to take advantage of higher rates.