People 'could use savings' to tackle credit card debt

People might consider using a portion of their savings if they are looking to tackle their credit card debt, it has been noted.

According to price comparison website moneysupermarket.com, this might prove a useful option for consumers due to the low interest rates that currently apply to many saving accounts.

The site's credit card expert Peter Harrison commented that credit card users may be able to complete their repayments more quickly if they are willing to use some of the money they have previously saved.

He stated: "By paying off a bit more every month, as little as £10 or £20, their overall interest bill and the length of time it takes to clear the balance entirely can be dramatically reduced."

However, Mr Harrison did go on to point out that it remains important for consumers to try and save money.

The Bank of England's base interest rate currently stands at 0.5 per cent.

Posted by Gemma Walker.