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Britons `dipping into savings to avoid debt`

More than half of Britons admit to dipping into their savings in times of need, according to the results of a poll by Moneysupermarket.com.

56% of respondents to the survey admitted to using their savings when they hadn`t planned to. 34% said they had only done it once or twice, but 21% said they do so regularly. 0.7% said they use their savings as often as their current account.

27% said that they haven`t used their savings without planning to do so but would if necessary, while 18% said they never use their savings without prior planning.

A debt expert at the IVA Advisory Centre said: "Although having to use savings to get by isn`t ideal, that is one of the benefits of having savings - protection against debt in the event of an emergency.

"Without savings, unexpected costs can easily lead to debt, which is one reason it`s important to have a good savings pot.

"However, if you find you`re using savings for things like this on a regular basis, there may be a more serious problem. Anyone in that situation should take a good look at their finances and consider getting some expert debt advice."

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The IVA Advisory Centre is a licensed Insolvency Practice, offering expert debt advice as well as IVAs and a comprehensive range of other debt solutions. If you are in debt and would like to explore your options, contact one of our advisers today.