Manage debt with competitive PPI
Manage debt with competitive PPI
- Friday, 20 March 2009Consumers could find their debt management efforts hampered by not seeking the best payment protection insurance (PPI).
Financial research organisation Defaqto explains that PPI can seem like a wise investment for borrowers to help meet repayments on loans if they become unemployed.
However, by failing to find a product which is competitively priced, they could be lowering their ability to
manage debt through the very product they look to for protection.
Brian Brown, head of insight at Defaqto, says: "People who borrow money, or those who already have debts, are likely to be interested in purchasing some form of protection."
He adds: "They should shop around to make sure they are getting the best deal."
Up to 165,000 people could already be facing debt management difficulties after losing their jobs in the past three months.
In January, Defaqto listed debt management as its number one New Year's Resolution in light of the lower base rate of interest, which may have made it easier for many Britons to overpay on what they owe.

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