UK consumers thinking of moving their money around instead of simply paying off debts are being urged to reconsider their actions.
Many people will take out loans or pay bills with other forms of finance to free up money for other purchases. However, this isn't a good course of action according to many financial experts.
Sean Gardner of Money Expert commented, "Piling debt on debt is simply adding to the spiral of increasing financial trouble."
He also advises drawing up a list of all the bills you have to pay and tackle each one individually and figure out the best way to sort things out.
It's ok to look for debt solutions like consolidation loans and balance transfers all long as it's going to benefit you. But don't just take out agreements if your plan is to continue to spend money on things you don't need. Pay off your bills and debts and then save for the things you want. It's always the best thing to do.