- Friday, 4 March 2011
Brits with financial issues have been advised to pay off their debt problems rather than saving as interest rates are low.
Such is the suggestion of Ed Bowsher, head of consumer finance at lovemoney.com, which is an everyday money site.
He said: "If you have a serious debt problem, I'd firmly advise you to pay down your debt rather than save.
"You'll get a poor return on your savings at the moment, so it makes more sense to pay down your debt. Then when interest rates rise, you'll be paying less interest because your debt is smaller."
Therefore, Brits worried about their finances may want to seek debt help sooner rather than later.
Mr Bowsher made these comments after moneysupermarket.com revealed on March 1st that five million Brits are permanently overdrawn.
It was found that one in ten people in the UK live in their overdraft and the price comparison sits stated that these consumers could save as much as £240 a year by switching current account.
Thu, 03 Mar 2011
Single people living alone are the most likely to overspend to pay for a comfortable lifestyle, which may lead them into debt problems... Wed, 02 Mar 2011
Brits, including those currently seeking debt help, have been urged to budget to make their money stretch further... Tue, 01 Mar 2011
Brits currently seeking debt help could save around £300 a year by bundling their broadband, home phone and digital TV into one package, with one provider... Mon, 28 Feb 2011
Brits, including those seeking debt advice, may want to install a water meter in order to save money on their water bills...
Posted in: 
0 comments:
Post a Comment