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Loan repayments: Paying debt and saving 'a balancing act'

People must strike a balance between putting money away in savings and paying off debt, an expert has said.

Richard Talbot, director at money education charity Credit Action, claims that his organisation always encourages people to have some savings tucked away.

He said: "If people haven't got some money saved up then they would have to take out extra forms of debt should emergency needs arise.

"It's kind of a balance in life ... once they've got something put aside for emergencies then it would be a lot better to pay off the highest interest rate debt first."

According to new research from Lloyds TSB, the third most common New Year's resolution among Brits was to take control of their finances.

It revealed that 57 per cent of people in the UK plan to save more in 2011 and that 29 per cent plan to put away £50 per month.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.
 ADNFCR-2776-ID-800354453-ADNFCR



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