Best bet is 'getting rid of debt'

Consumers have been advised that now may be an ideal time to start paying down any debts instead of trying to save money.

David Kuo is head of personal finance at Fool.co.uk and said due to the current economic climate, people may benefit more if they transfer money to pay off all, or part of, a loan.

This is because it is currently "almost worthless" to top up a savings account due to the rate of interest.

Mr Kuo added that for someone with a loan rate of five per cent would have to find a savings account with at least 6.25 per cent interest in order for the two to be equal - something that may be unlikely during the economic slowdown.

"Most people out there will be carrying some form of debt, whether it is an overhang from Christmas spending or whether it is a car loan, a personal loan or a mortgage," he explained.

Repaying foreign loans using an international money transfer might also be a consideration for those who have borrowed money or purchased property overseas.