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Debt problems: borrow to pay debts?

08/03/2011 Get Adobe Flash player

People thinking about borrowing money in a bid to alleviate their debt problems have been told only to do so should they be able to comfortably afford it.

That's the advice this week from Save Our Savers, a British consumer group that was set up to help protect the rights of savers in this country.

Co-founder of the organisation, Jason Riddle says: "There are plenty of situations when borrowing money is the best course of action, but only as long as you can genuinely afford the repayments."

He goes on to explain that many people can find it easier to repay a debt than to save for the long-term - simply because of the compounded debt problems people can get into if they don't.

The comments come as Credit Action released its Debt Statistics for March, which shows that banks and building societies write off £25 million on loans every day - purely because the debtor can't afford the repayments.

Debt solutions expert Kevin Still says, "A debt spiral is the second most common reason for UK consumers seeking a debt solution with Atlantic Financial Management and this is often caused by people borrowing more money to make the next monthly payment on cheaper forms of credit, which doesn't make financial sense.

Debt balances can quickly get out of control, so taking positive action is a vital first step." ADNFCR-2613-ID-19953434-ADNFCR

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