Alvin Hall: Credit crunch is a good thing

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Alvin Hall: Credit crunch is a good thing

The credit crunch is "a good thing" that will force people to consider their spending carefully, Alvin Hall has said.

Mr Hall, a TV money expert, told Scottish newspaper the Daily Record that consumerism has gone too far and that being part of a free market means spending responsibly and in a disciplined fashion.

He said that banks also need to lend more carefully.

Mr Hall offered tips to the newspaper for controlling finances during the crunch.

He said people need to take control and assess exactly what money is spent on.

Once outgoings are reduced, debt needs to be tackled, starting with whatever has the highest interest rate.

Saving also needs to be considered, perhaps by switching former credit card repayments to a savings account.

Finances should also be reviewed every six months to a year.

Mr Hall, who presents Your Money or Your Life on BBC, is a financial adviser and author.

Born in Florida, he started his financial success by buying shares.

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