Tuesday 17th of March 2009
More than a quarter of people would choose to pay off debts with money left over at the end of the month, a poll has found.
According to the study by Fairinvestment.co.uk, reducing the amount owed is a key concern for many consumers, with an additional six per cent of respondents stating that they would use spare cash to make overpayments on mortgages.
But the site noted that a "cautious approach" is being taken by many, as 44 per cent reported saving whatever they have left over.
Those who are unable to do so may wish to apply for an individual voluntary arrangement, in order to help cope with debt levels.
Commenting on the results of survey, chartered financial planner at Fairinvestment.co.uk Sharon Bratley explained that Brits are increasingly taking care over their money.
"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," she added.
Meanwhile, figures from Rapidata have revealed an increased rate of cancellation of direct debit payments to charities since the credit crunch began.
