Alvin Hall, the financial expert who often appears on television believes the credit crunch is a good thing because it has made people wake up to their debt problems and take action.
Speaking to the Daily Record, Hall commented that the downturn in the UK economy has forced people into spending more responsibly and getting more disciplined with their money.
He added, "Once outgoings are reduced, debt needs to be tackled, starting with whatever has the highest interest rate".