PPI claims may provide a large financial boost that could be used by people to pay off their debts.The difficult economic climate - which has seen low interest rates and high inflation - has meant many consumers have prioritised reducing their debts, according to Andrew Hagger, Moneynet.co.uk's spokesperson.It was a sensible course of action in the circumstances, he said, as the interest people will be paying on debts will be much higher than any return in savings.Mr Hagger believes the increase to the cost of living is also affecting the amount people are spending on credit cards.The price of lots of everyday essentials has increased and household budgets can only stretch so far, so they are reducing the amount of money they borrow, the expert added.Recent research from LV= found although many consumers were struggling with money issues, 77 per cent were reluctant to give up lifestyle essentials such as eating out and travelling abroad.Amir HussainAmir specialises in personal loans, consumer debt and debt management.
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