Stubbing out may not save debt problems

People with credit card debt who smoke may help their financial cause by quitting smoking.

But for people with very severe arrears, the situation m…

People with credit card debt who smoke may help their financial cause by quitting smoking.

But for people with very severe arrears, the situation may be too big for a few cutbacks on one of life's habits (or pleasures) to solve.

However, Lifesearch has urged people to "swap ash for cash" on No Smoking Day on March 14th.

It said that one of the biggest savings that can be made is on life insurance premiums, with the average savings over 25 years for a man giving up smoking at 30 being £1,758, while a woman of the same age can save £1,011.

And of course, plenty of money can be saved by not buying cigarettes in the first place.

But for people with very deep debt, the savings may not be enough to plug the gap and a debt management plan may bee needed.

The average UK household paid £200 a month in debt repayments in the final quarter of 2011, according to figures from the Consumer Credit Counselling Service.

Posted by Paul Thacker
 

Tell others:

shortlink