Debt management tops new year's resolutions
Debt management tops new year's resolutions
Tuesday 6th January 2009
The company believes that getting debts under control should be more important to UK residents than insurance policies, retirement planning and diversifying investments at the beginning of the year.
David Black, principal consultant for banking at Defaqto, advised credit card holders to take advantage of recent reductions in interest rates to overpay their minimum monthly repayments.
"With lower interest rates your monthly payments may reduce, but by overpaying the minimum amount required each month you will begin to reduce your debt more quickly," he explained.
Mr Black said that homeowners could cut their debts even more by adopting the same strategy with mortgage payments, although this will only work if their provider does not charge a penalty for early repayments.
A recent survey from Alliance & Leicester found that 26 per cent of British people are planning to tackle debts by reducing their spending in 2009.
News article brought to you by Debt1 - One of the UK's leading debt management companies.
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