Secured loans can help to quickly repay Christmas debt
19/12/2007The high level of debt associated with Christmas can leave many people struggling in the new year, one expert has suggested.
A spokeswoman for AWD Chase de Vere said that debt should be tackled as quickly as possible and that high interest rates on lending, such as those often associated with credit card repayments, should be dealt with in a similar fashion.
Susan Hannums, savings manager for AWD, said: "The interest rate on your debt is probably going to be higher than any interest rate you will earn on your savings, so ultimately you should be thinking about clearing that debt."
She added clearing outstanding debt as quickly as possible is vital and that failure to do so can mean a tough start to the new year, concluding that sitting down and working out your finances can often be helpful.
Many people struggling to pay credit card charges and other debts turn to secured loans or debt consolidation as this can often help consumers to comfortably afford their repayments.
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