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Bank refunds: Strike a balance between paying debt and saving

Consumers who are currently trying to obtain bank refunds should learn to strike a balance between saving and paying off any debts they may have.

David Rodger, managing director of the Debt Advice Foundation, a provider of free and impartial debt advice, was asked if it is better to pay down debt or save at the moment.

He replied: "With very low interest rates being paid on savings and high interest rates being charged on borrowings, common sense would tell you it’s better to pay off what you owe.

"However … there is an argument for increasing savings to make sure that that you are well prepared should the worst happen.

"It's all about getting a balance to suit you."

He added that savings are also useful for unexpected events.

Mr Roger's comments come as research by showed that savings levels have surged as rate of paying back debt slowed at the start of 2011.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.

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