Personal Finance News
What our customers say..." Great site. Thanks"
Savings 'can be used to settle debts'
People who have savings were advised to use the money to pay off their deficits.
Justin Modray of financial advice website candidmoney.com suggested it was a good idea to settle debts before thinking about saving.
"Those fortunate enough to have savings can use them to stave off debt, but I think for many it's more a case of just trying not to drown in debt," said Mr Modray.
His comments compound recent findings from Credit Action, which revealed that the average household debt including mortgages is currently £55,803, with £29,536 being the typical amount each UK adult owes.
Mr Modray added that for a number of people, being able to put aside finances in a nest egg "remains a pipedream".
He stated that finances are going to become even tighter if food and fuel prices continue to remain high.
However, the finance specialist suggested that there could be respite if interest rates remain low for some months.
Copyright
Justin Modray of financial advice website candidmoney.com suggested it was a good idea to settle debts before thinking about saving.
"Those fortunate enough to have savings can use them to stave off debt, but I think for many it's more a case of just trying not to drown in debt," said Mr Modray.
His comments compound recent findings from Credit Action, which revealed that the average household debt including mortgages is currently £55,803, with £29,536 being the typical amount each UK adult owes.
Mr Modray added that for a number of people, being able to put aside finances in a nest egg "remains a pipedream".
He stated that finances are going to become even tighter if food and fuel prices continue to remain high.
However, the finance specialist suggested that there could be respite if interest rates remain low for some months.
Copyright
Published: 03/08/2011
The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.