Brits urged to act to avoid falling into problem debt
Brits urged to act to avoid falling into problem debt
Thursday 3rd July 2008
Tim Moss, head of loans and debt at moneysupermarket.com, was moved to issue the advice in the wake of a survey which found that millions of Britons are adding to their loan and credit card debt in order to meet higher rents and mortgage repayments.
According to Mr Moss, approaching the problem this way is "not the answer to your mortgage and renting worries" and instead debt-hit consumers should conduct an overhaul of their finances to see where they could cut expenditure.
He said: "You need to look at your current account and credit card statements and work out what you are spending your money on. Prioritise things and then look to save and make money in lots of areas.
"It is always a shock to people who see a debt manager when they realise how much more disposable income this strategy can produce."
News of the survey comes amid predictions that more and more Britons will seek out debt advice and debt management solutions this year as they struggle to meet higher housing costs.
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