Debt relief a priority, notes Informed Choice expert

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Debt relief a priority, notes Informed Choice expert

An Informed Choice representative has advised people to pay off expensive debts before they can think about saving for the future.

Martin Bamford, chartered financial planner at the organisation, claimed it is "futile" to put aside money in case of an emergency if a person is paying off other debts at very high interest rates.

He stressed that consumers must begin to prepare for their financial future more efficiently, in case they are forced to deal with an emergency.

"When we meet clients it is very rare that they have provision in place for even a couple of months, let alone half a year," Mr Bamford noted.

In his opinion, the sort of debts that need to be paid off first are credit cards and personal loans.

Once these have been cleared, then people can begin to put cash aside, he added.

These tips were offered by Mr Bamford after Scottish Provident announced that 31 per cent of individuals in Britain do not have any financial provisions to fall back on in case of an emergency.

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