Most expensive debts 'must be paid first'

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Most expensive debts 'must be paid first'

People across the UK who are struggling with excessive levels of debt at present have been advised to take stock and ensure they are paying off their most expensive borrowings first.

Phil Perry, director at Ark Financial Planning, said it is imperative that people are proactive when it comes to tackling debt, as burying one's head in the sand and hoping the situation will resolve itself invariably leads to the situation getting worse.

He advised: "Obtain your credit statements and assess that to see where you stand and what you have got coming in, what you have got going out and look for the most expensive things first."

Furthermore, he argued that cutting back to the bare essentials is often the best way to bring down debts.

Mr Perry's comments follow those of Ed Bowsher, head of consumer finance at lovemoney.com, who recently claimed that the onset of the economic downturn has forced many Brits to become better at handling their finances.

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