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Consumers urged not to get into debt problems through borrowing

Consumers urged not to get into debt problems through borrowing

- Wednesday, 16 February 2011

Brits have been advised not to plug the gap between the cost of living and salaries through borrowing as this can lead to debt problems.

Such is the advice from Ann Robinson, director of consumer policy at uSwitch.com. She was commenting on the rise in inflation.

It was revealed yesterday (February 15th) that inflation has increased to four per cent from 3.7 per cent in December.

This coupled with the fact that salaries have only increased by an average of two per cent means there is a gap between the cost of living and the ability to pay, which may lead some people to need debt help in the future.

Ms Robinson said: "Rather than continuing to plug the gap by borrowing, consumers should look at saving money wherever possible.

"Stripping down living costs and household bills to the bare minimum can be the lifeline people need to stay afloat."

Moneysupermarket.com recently gave consumers tips on how to save money, including switching to an online energy tariff and using discount vouchers to reduce spending.
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