Tuesday 8th of February 2011
Britons may soon find they begin to seek individual voluntary arrangement answers in an attempt to tackle their debt problems, as it has been suggested people need to confront their financial troubles.
John Miles, business director at Gocompare.com, has claimed it is a better move to attempt to pay down debts than it is to try and start saving.
The industry expert noted record-low interest rate levels mean those who are putting cash to one side are finding it difficult to get a decent return on their money.
He advised: "If you have a credit card debt or personal loan it may be wiser to pay this down before you consider saving."
Investing in stocks and shares individual savings accounts carry more risk and are "not for everyone", Mr Miles added.
The latest debt statistics from Credit Action showed the average household debt in Britain - including mortgages - currently stands at £57,608.
