Secured loans could tackle the 'millstone of debt'
28/01/2008Consumers are advised to ensure their finances are in order due to the increasing likelihood of a recession, one expert has suggested.
According to a spokesman for Fool.co.uk, an independent group which advises on consumer finance and debt matters, people need to "be selfish" and take care of any outstanding debts sooner rather than later.
David Kuo, head of personal finance at the firm, said that paying off mortgages and other personal debt was important in times of financial instability and that if there was to be a recession this would become even more vital.
"Try and pay off any loans that you might have at the moment because you don't really want a millstone around your neck if you are out of work," he said.
Many people looking to tackle outstanding bills, loans and credit card repayments often opt for secured loans or a debt consolidation plan as this can be an effective way to manage outstanding debt.
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