On an average a person is spending £322 a month to pay part of his debts. According to Moneysupermarkets.com it amounts to £9 billion of the whole country’s bill. This does not include mortgage payments. It also says that quarter of the average income of a worker is spent to pay the debts arising out of credit cards, overdrafts and other loans.
The head of loans at Moneymarkets.com Mr. Tim Moss says that with the increase in cost of living and squeeze on the resources every pound has to be spent wisely but before one starts saving the existing debts especially the costly ones like any credit card balance should be paid first. It pays to clear debts / loans as interest charged on loans are always higher than the interest given for savings.
He also advised to consolidate several types of loan into one single loan.
However prudently a person borrows, he or she is doing so on the assumption about the future. If that individual’s circumstances change this leads in many cases to debt. At Duncan Lewis the Debt department aims to improve the quality of your life by advising and assisting you with your debts. The team at Duncan Lewis gives you the confidence by taking action to stop bailiffs or county court judgments being issued and that it is never too late to get help.