Brits advised to pay off debt problems sooner rather than later
Brits advised to pay off debt problems sooner rather than later
- Monday, 14 March 2011Consumers have been advised to pay off their
debt problems sooner rather than later by an expert.
Mark Bowerman, managing director of moneymaxim.co.uk, which is a price comparison site, warned that some people could accrue short-term debt.
He stated that some Brits will be avoiding the pain of VAT rises and price increases by borrowing money, which could lead to them needing
debt help in the future.
Instead, consumers should adjust their spending patterns now to take all of these price rises into account, Mr Bowerman suggested.
He said: "Many are already doing this and we are seeing customers looking to reduce cost in most areas we specialise in, including insurance bills and utility costs."
There has been an increasing problem with people aged over 55 retiring with
debt problems and many of these thinking they will never be able to clear them, a recent report by Aviva found.
Dr Ros Altmann from Saga suggested downsizing a property to help pay off debt.

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