9 April 2008
A stringent assessment of finances could enable consumers to start saving money and not spend it on items such as credit cards, it has been claimed.
Director of Thomas Charles & Co James Falla urged people already in debt to think about saving to pay this off before anything else.
For instance, he noted, instead of putting money in a savings account, it could be used to pay back the interest "of 18 to 20%" on credit cards.
Once this is done then money can be put to one side, he asserted, while there are methods to ensure this is done correctly.
"Save at the beginning of the month - as soon as you get paid. Set up a direct debit to your savings account or withdraw it yourself," he commented.
A poll carried out by CSV recently found that 48% of young consumers aged between 16 and 25 are worried about debt.
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