Many people ‘having to prioritise debts over savings’

When managing their money, a number of the country’s consumers are having to prioritise their debts at present, rather than focusing as much on their savings, it is suggested, which may interest those seeking credit advice.

According to the Debt Advice Foundation’s managing director, David Rodger, consumers may have become more aware of the need for them to have a financial safety net in place in recent times.

However, he added: “For many people, their first priority must be to pay off the debts they accumulated in the boom years.”

For those who are aiming to boost their present saving levels, Mr Rodger noted that any goals which people set for themselves should be realistic in nature.

If these targets are not realistic, he noted that people “will become de-motivated all too quickly”.

Debt worries may be having an impact on numerous people in the UK at the moment, it was recently suggested by Kim Stephenson, creator of Taming the Pound.

Source: www.vanquis.co.uk/news