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Debt is "not in anyone's interest"

Allowing debt to spiral out of control is "not in anyone's interest", it has been claimed.

Day-to-day expenditure and living costs may be causing difficulties for those who want to save money due to a rise in prices, according to Halifax.

However, this should not mean that people should allow their payments get out of control, advised Gareht Mackie, spokesperson for the bank.

The most important thing to do is to keep on top of bills such as mortgages, council tax and utility bills, Mr Mackie explained.

Secondly, consumers should speak to their providers and other banks or building societies if they find themselves in financial difficulty.

"It's not in anyone's interest for people to get into financial difficulty so don't leave it until things are in a precarious situation," he said.

A recent survey by Sainsbury's Bank revealed that 43 per cent of people aged under 24 said they were unable to save anything.

See how much you could borrow with a consolidation loan from Lombard Direct.

© Adfero Ltd

27/03/2008 13:04:00

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