According to leading financial advice specialists, clearing credit card debt has become more of a priority, for Britain’s hard up consumers, than saving up for the future.

Until recently, borrowing money on credit cards, store cards, personal loans and catalogues was regarded as being quite normal. At least, for most people, it was not regarded as something out of the ordinary, or that you should worry about. But that was then, and this is now, and what a difference a few months can make.

The recession is hitting us all hard and people that previously thought that their debts were under control are now finding that this is not the case. Some people, that thought that their jobs were safe, are finding themselves out of work whilst others that thought the equity in their property was a cast iron investment are now finding that it has dwindled to nothing, or even worse, they may now be in negative equity.

There has been a huge increase in the number of UK consumers that are now in dire need of debt advice, or that are singing up for an IVA (an Individual Voluntary Arrangement) or joining a Debt Management Plan, in an effort to get out of debt and solve their financial problems before it is too late.

Another reason why savings has declined is the almost non-existent interest that you will receive on them. Consumers are questioning why you would want to save money in a bank or building society and receive 0.1% interest, and then pay 20% interest on your credit card debt.