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Consumers opting for debt consolidation 'must be disciplined'
Consumers need to adopt a very disciplined approach when they choose to sort out their finances through debt consolidation, according to an expert.
It is important that those who do go down this route do not end up borrowing more, moneysupermarket.com head of loans and debt Tim Moss believes.
"Debt consolidation is another way of managing multiple debts, however those people who consolidate their debts need to be extremely disciplined," he remarked.
Meanwhile, the importance of savings to people who are made redundant has also been emphasised by the expert.
Savings which amount to three months' worth of people's outgoings might turn out to be useful in supporting them during times of unemployment, he feels.
Meanwhile, moneysupermarket.com has today (July 13th) published research which suggests that cash Isa savers might be losing out because of high inflation coupled with very low interest rates on their savings.