Savers are currently finding it difficult to get a decent return on their money because interest rates remain at record low levels.Such is the opinion of John Miles, business development director at Gocompare.com, one of the most comprehensive insurance comparison services in the UK.Mr Miles claims that if people have credit card debt or a personal loan, it may be better off paying this down before considering saving.He said: "If you have a credit card debt or personal loan it may be wiser to pay this down before you consider saving."Paying back £100 on a debt with an 18.9 per cent interest rate could make a lot more sense than saving £100 and earning 0.25 per cent interest."The latest debt statistics from Credit Action released on February 1st reveal that the average household debt including mortgages is £57,608. Every day, people in the UK pay £178 million personal interest.Jennifer HainesJennifer's speciality knowledge is credit card changes and balance transfers.
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