Giving up cigarettes ‘can help with debt’

Giving up smoking could have benefits for people’s debt management and assist them in paying off outstanding amounts on home loans, it has been suggested.

As No Smoking Day (March 11th) is held in the UK, Fairinvestment.co.uk has outlined some of the positive steps consumers could take if they were to kick the habit.

The site noted that stopping smoking could help people to save around £2,184 each year, which can be used to pay off debts.

It is equivalent to making overpayments of £182 each month on a mortgage, the organisation stated, which could bring homeowners seven years closer to becoming debt free.

Chartered financial planner for the website Sharon Bratley commented: “Stopping smoking could help smokers to beat the credit crunch.”

This view was echoed by director of savings and investments for Abbey Reza Attar-Zadeh, who claimed: “Smart ex-smokers will make sure they swap ash for cash.”

By Jamie Price

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