It is not in anyone`s "interest" to let bills pile up to amount serious debts, a major bank and mortgage lender has claimed.
People with financial difficulties should concentrate on paying important bills first and to contact their bank or building society before their debts get out of hand, according to Halifax.
If not, consumers may need to enter professional debt consolidation schemes in order to help them cope with their debts and financial worries.
According to Halifax spokesman Gareth Mackie, the lack of savings available to most people is seriously hurting their chances of getting out of debt problems.
Mr Mackie added: "The main pressures on savers are rising costs, like day-to-day living costs, which put pressure on people`s ability to save.
"Consumer borrowing is an aspect of today`s economy and as the cost of borrowing rises that may well begin to have an impact."
A recent survey by Sainsbury`s Bank found that 43 per cent of those under 24 and 41 per cent of those over 65 said they were unable to save anything.
