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Savings can help people avoid debt, expert says
08 April 2008
People should be making more of an effort to put money aside for a rainy day if they want to ward of debt, it has been claimed.
A finance expert has said that while the current economic climate is tough, those who have money put aside are likely to fair much better and could avoid going into the red.
James Falla, director of Thomas Charles & Co Ltd, which offers debt counselling, said: "Quite often, the root of a more serious debt problem can be found in situations which may have been overcome if somebody had some savings behind them.
"People are talking about the fact that low mortgage rates are difficult to come by, and the fact is, if people had some savings behind them, they may be in a position now to buy some time when their mortgage went up, until a better deal came along."
His advice comes as homeowners continue to struggle to keep up with mortgage repayments and stay on top of day-to-day payments such as utility bills.
Research recently carried out by CSV revealed that future debt was the number one fear for the majority of young people between the ages of 16 and 25. 
