Philip Stevenson, a chartered financial planner for Ark Financial Planning believes that while once getting into debt was considered to be a relatively common and controllable move, it is now becoming a greater concern for many.

“We are in a position now where people are more concerned with paying off debt rather than saving,” he said.

This is a far cry from previous years, when our culture demonstrated a more nonchalant attitude towards debt and is a much more sensible approach to take, Mr Stevenson stated.

He continued: “What’s the point in getting one per cent interest on your savings, when you’re paying 18 per cent on your credit card bill?”

A survey undertaken recently by Nationwide found that 56% of consumers think saving is a good thing, while just 16% said saving in the current climate is a good idea.

For help or advice on how to pay your debts in the quickest and most efficient way and at an ammount you can afford contact Clark Richards Financial Management on 0800 988 359