Debt repayments 'prioritised by many Brits'

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Debt repayments 'prioritised by many Brits'

The results of a recent poll have revealed that many people in the UK are making debt repayments a priority during the credit crunch.

Conducted by Fairinvestment.co.uk, the survey showed that 26 per cent of people - or more than one quarter - view paying off their debts as their number one financial priority.

Sharon Bratley, chartered financial adviser at the price comparison website, claimed that the current scarcity of credit and the low interest rates being offered on many savings accounts, paying off debts with spare cash may be a good decision.

She added: "Although having a financial cushion is wise, it is also wise for people to pay off any debts they have first, which are likely to be charging high interest rates and then save any extra cash."

The most up to date figures from the national debt charity Credit Action showed that total UK personal debt at the end of January 2009 stood at £1,457 billion.

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