Savings fund debt help?

More consumers in the UK are making the decision to dip into their savings in order to generate their own form of debt help.

Between the months of July and September, the quarterly ING Direct Consumer Savings Monitor, found consumers doing this, are hoping to pay off their debts and become debt free.

The research also found that almost 40 per cent of UK residents are taking care of household debt reasons, such as bills.

Others commit their savings towards paying for rewards like a morale boosting holiday - with over 30 per cent reported to do so.

Raiding their savings for so many types of payments, however, could lead to some UK consumers needing to seek debt advice.

Director of Atlantic Financial Management, Kevin Still says, "For those people that have savings or surplus disposable income then clearing debts can be very sensible.

At Atlantic Financial Management and our sister company MoneySave Financial Solutions, we are more concerned with those UK households that don't have surplus disposable income and without making changes will get into serious debt problems."

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