There are many people these days who use any spare cash that they have into savings in order to ensure that they have some money towards their future – which is something that would normally be highly commendable. However, many of these that are saving their spare money are also struggling with a range of high interest debts such as credit cards, loans and store cards, which means that they are effectively putting money into savings accounts that earn them little or no interest whilst wasting money on huge amounts of interest on their debts because they are dragging the repayments out.
One industry official has now said that it is important for those that have high interest debts to make sure that they put any spare money that they have toward repaying their high interest debts rather than putting it into a savings account that offers hardly any interest or returns. The warning comes from Justin Modray of online resource Candid Money, who said that in the current climate getting finances sorted was the most important thing to think about.
He said that many people were paying huge amounts of interest on their debts but rather than trying to pay them off when they had a little cash to spare they were simply putting the money into savings and continuing to pay huge levels of interest on the debts. He said that things were difficult for those that had no savings to pay off debts and that saving for the future for many people in today’s climate was something that was unattainable.
Tags: Brits, interest, interest debts, Finance, debt consolidation, United States, little cashHe stated: “Those fortunate enough to have savings can use them to stave off debt, but I think for many it’s more a case of just trying not to drown in debt and saving for the future remains a pipedream.”
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