Repaying debts a priority

A new poll has found that a high proportion of people would consider repaying debts and/or increasing their savings their top priority if they were to experience a rise in income or a fall in their cost of living.

The survey, carried out by YouGov for the Daily Telegraph, found that 65% of respondents agreed that “if we do end up finding it easier to make ends meet, our first priority will be to build up our savings and/or pay off our debt rather than to increase our spending”.

The findings accompany The Telegraph’s latest Real Cost of Living Index (RCLI) release, which suggests that the cost of living for the average consumer is currently 3.3% lower than it was this time last year.

A spokesperson for debt management company Gregory Pennington said: “There are mixed opinions on the current rate of inflation, but most experts agree it is falling – and in the short term, this should benefit people with debts, as they should have more money available to service those debts.

“However, we advise consumers not to rely on falling costs of living to help them repay their debts. Anyone who thinks they may struggle to repay debts should seek professional debt advice immediately.”

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.