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Finding loose change could help with debt problems

Finding loose change could help with debt problems

- Monday, 9 August 2010

Consumers could be sitting on large sums of loose change, which could be used to pay for bills or help with debt problems.

According to new research by Halifax, 65 per cent of people regularly find loose change in a variety of places, which could be put to better use.

Furthermore, the amount of loose change found down the back of the sofa could amount to as much as £42.9 million in total.

Flavia Palacios Umana, head of products at Halifax Savings, said: "The old saying 'take care of the pennies and the pounds will take care of themselves' continues to be firmly the case.

"We need to recognise this, instead of leaving our loose change languishing down the back of the sofa."

However, the firm did find that consumers are putting money aside for a rainy day, which could help them avoid debt problems in the future.

It was found that 74 per cent of people keep their loose change in a set place such as a jar and that 30 per cent will save any coins.

Nationwide Building Society recently found that 21 per cent of consumers think they will save less in six months time than they currently do.
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