Now is the time for debt relief, says lovemoney.com
www.moneynews.co.uk > Debt > Now is the time for debt relief, says lovemoney.com
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Money News |
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Now is the time for debt relief, says lovemoney.com
Mon 20th Dec 2010
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Ed Bowsher, head of consumer finance at the company, noted that individuals often wonder whether they should put cash aside to build up their savings or start to pay off debts.
He claimed that the only people who should be opting for the former are those that have no savings at all, as the low interest rates allow everyone else to pay off more of their balance.
"If you're wondering whether to pay down your debt or put money in a savings account, I'd say it's normally best to pay down debt," Mr Bowsher said.
The finance expert explained that it could actually save people some pain when the interest rates do eventually go back up, since their balance owed will be lower if they have paid back more cash.
Recent Equifax research showed 36.1 per cent of Brits are following Mr Bowsher's recommendation and paying off debts as a result of the low interest rates.
Click here for more debt news
Related News : Debt |
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