Discipline is needed when paying down debt

Mon, 12 Dec 2011

Individuals need to be disciplined when attempting to pay down debt, it has been claimed.

Michael Garvey, chartered financial planner at Edinburgh Wealth Management, suggested people may be wise to use a credit card that has zero per cent on purchases for six months when buying gifts over the Christmas period.

The industry figure explained consumers need to budget how much they wish to spend and make sure they do not exceed the limits they set.

He observed individuals should be sensible "with regards to paying down the debt that has actually been accrued while it is not costing anything and just using that debt as a means to an end".

People will therefore need to be mindful around February and March 2012 when considering how best to reduce the amount they owe.

Mr Garvey added the likelihood that a person will encounter arrears trouble this yuletide will depend on how they choose to use their debt.

His comments come after recent research from uSwitch.com revealed many Britons are postponing Christmas purchases until the January sales in order to ease their monetary worries. 
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