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Brits should 'prioritise' their debt repayments

UK consumers in debt urged to tackle their most expensive credit first

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10 January 2012

Brits should 'prioritise' their debt repayments”

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Britons have been urged to prioritise their debt repayments to ensure they pay off their most expensive debts first.

David Rodger, managing director of Debt Advice Foundation, advised UK consumers in debt to tackle their most expensive credit first while maintaining "contractual payments" on their other commitments.

He said: "This means talking to their bank about the possibility of suspending any unauthorised overdraft charges and clearing any payday loans as quickly as possible - these all attract huge rates of interest and fees."

Mr Rodger added that those struggling to make ends meet should check to see if they are in receipt of their full benefit entitlement, as he revealed many Brits are in avoidable financial hardship as they are unaware of what benefits they can claim.

Official figures show that more than £16 billion worth of benefits are left unclaimed every year.

Those with large levels of debt should contact a specialist debt advisor who will be able to help them compile a plan to get back in the black, he stated.

Posted by Jack Ramsey

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