Smokers face debt concerns

Smokers are more likely to need debt solutions after it emerged that they spend over £1,000 (£1,397.28) a year on funding their habit.

The figures come from Moneysupermarket.com in time for the third anniversary of the smoking ban tomorrow.

The amount spend on cigarettes could be the difference between a person needing a Debt Management Plan (DMP) and not doing.

A DMP is a form of debt help available for people with more than £3,000-worth of unsecured debts. With a DMP, the debt management professionals will take charge of your debt and turn it into a more manageable monthly payment.

Smokers with life insurance plans could save more money by quitting. Moneysupermarket.com's figures show that smokers pay nearly £5,000 (£4,950) more on premiums than non-smokers do.

Kevin Still, director of Atlantic Financial Management, says: "According to the Office of National Statistics, the average smoker smokes 13.5 cigarettes per day or the equivalent 246 packets of 20 per year.

With the weighted life insurance premiums this all adds up. Lifestyle changes are a major challenge for people with debt problems who need to economise."

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