Avoiding debt is simply a matter of saving for the unexpected, it has been claimed.
James Falla of Thomas Charles & Co explained that even people who live within their budget can be hit by unforeseen costs such as periods of unemployment or the breakdown of a washing machine.
However, the director of the debt counselling service added that by putting a little bit of money away on a regular basis, debt can be evaded.
“People tend to say ‘We’ll just use the
“What people can do to avoid that is to start saving for a rainy day,” Mr Falla advised.
In addition to saving, working out a manageable budget and sometimes sacrificing a computer or a holiday can help people to stay out of debt, he added.
Over half the population claim to be in either a little or a lot of debt, according to a recent YouGov poll.
© Adfero Ltd