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Is it time to look at paying off your debt?

As UK base rates appear to have bottomed out and the recession could be coming to an end, many people are now looking to the future and their own financial situation. Debt in the UK is still running at record levels although with base rates set to rise in the medium term, as the UK economy recovers, many people are now starting to look at paying off their debt.

However, as a note of caution if you're looking to pay off substantial chunks of your outstanding mortgage you need to be certain that you can afford your normal repayments going forward. Even if you pay off more than required in the short to medium term, if you run into repayment problems in the future you will not be able to offset these against your additional repayments. Those looking to repay their credit card debt would probably benefit more than most with many UK credit card rates approaching 20% and above in some areas of the market.

As ever, you should take financial advice regarding your own circumstances and while it may be tempting to plough any spare capital into repayment plans, you need to be able to live and keep up your current repayments going forward.

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