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Festive debts `should be cleared quickly`

19 December 2007

Consumers should attempt to clear their Christmas debts "as quickly as possible" to avoid long-term debt problems, a leading expert has claimed.

Debt management schemes should be undertaken at every possible opportunity so that consumers stay on top of their spending this festive season, AWD Chase de Vere suggested.

Consumers are advised to plan a budget for the next year in order to stay above potential debt problems. Susan Hannums, savings manager for AWD Chase de Vere, said that "forward planning" for next Christmas is the best way to stay debt free.

She added: "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 as quickly as possible."

According to Credit Action, total UK personal debt exceeded £1.25 trillion at the end of November.

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