He added that it is important that consumers assess which option, out of personal loans, credit cards and overdrafts, is most suited to their needs.
"Overdrafts have a purpose, credit cards have a purpose and so do personal loans. It's [about] making sure that the customer is using it for the right purpose," he explained.
Mr Baillie added: "The last thing I want is customers getting into debt and not having anything to show for it."
The first major UK supermarket chain to open a financial services division, Sainsbury's offers advice on a range of products including credit cards, savings accounts and loans.
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