Debt 'needs to be dealt with as soon as possible'
Published On 27 March 2008
A leading financial expert has said that consumers should try to deal with their debts as soon as possible, as it is "not in anyone's interest" to get into serious financial difficulty and make use of tools like IVAs.Gareth Mackie, a spokesperson for Halifax, explained that it was never a good idea to let unpaid bills and debts become too large, as they become increasingly difficult to manage. He stressed that people worried about their finances should seek help as early as possible.
Mr Mackie explained that, in the current economic climate, people were finding it increasingly difficult to save for the future, as they were simply trying to keep up with current expenses.
"If people are ever in financial difficulty [they should] speak to their providers and also another bank or building society," Mr Mackie added.
"It's not in anyone's interest for people to get into financial difficulty so don't leave it until things are in a precarious situation."
Recent research from Abbey found that 48 per cent of people in the country are worried about their finances.
The study showed that consumers were particularly concerned about their ability to meet rising mortgage repayments.
