People considering borrowing money may end up paying loan charges if they can not afford to make the repayments.Jason Riddle, co-founder of Save Our Savers, claims that many people consider borrowing money easier than saving.He said: "There are plenty of situations when borrowing money is the best course of action, but only as long as you can genuinely afford the repayments."Often people find it easier to repay a debt than to save, simply because of the trouble it will cause if they don’t. But in fact the self-discipline needed to put the money aside is the same."Mr Riddle suggested that people who have experienced debt that want to save should keep on putting their old repayments into a savings account instead.Credit Action recently revealed that banks and building societies write off £24.88 million of debt every day.It found that consumers in the UK pay £179 million in personal interest daily.Amir HussainAmir specialises in personal loans, consumer debt and debt management.
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