'Financial sense' to pay off debts - debt advice could help
'Financial sense' to pay off debts - debt advice could help
- Monday, 21 September 2009At a time when people are earning less on their savings, a greater number of people are starting to pay off their debts.
That is according to Moneyfacts.co.uk, which was reacting to recent figures from the UK Payments Administration indicating the amount spent on credit cards had fallen to its lowest rate since 2007.
Those people who wish to reduce their arrears but are struggling to do so,
debt advice could help.
Michelle Slade, spokesperson for Moneyfacts.co.uk, said: "Maybe [people] are looking to pay off their debts.
"If they are not getting the money on their savings it makes more financial sense to pay off their debts rather than put the money in a savings account."
According to Credit Action, total lending in July fell by £600 million - a net repayment for the first time in the series.
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