Debt management ‘must be sensible’
Britons must take a sensible approach to debt management, it has been advised.
Susan Hannums, savings manager at AWD Chase de Vere, suggests that many consumers allow their personal debt to get out of control before seeking advice.
But she notes that it could be beneficial for people to tackle debt before it “catches up with them”.
“Debt in this country is completely out of hand,” Ms Hannums claims.
“At some point you’ve got to start clawing back and be sensible with your spending.”
She adds that rising interest rates have added to the pressure felt both on mortgages and on “debt across the board”.
However, Ms Hannums states that for those able to curb their spending, offers such as lifetime interest-free balance transfers could be a step on the road to financial recovery.
Expert advice could help to identify further means of debt management for Britons facing affordability concerns.
Leave a Reply