Don't ignore debt management, claims charity
Don't ignore debt management, claims charity
Thursday 11th March 2010
The Consumer Credit Counselling Service (CCCS) states that bad personal money management can lead to "serious" debt problems, and should be addressed sooner rather than later.
It has since launched a new online service, entitled Money Matters, which aims to help people better understand and manage their finances.
The initiative, which is free to use, offers general guidance on money issues.
CCCS spokeswoman Frances Walker said the effective use of money is important for "both short and long term happiness".
"During a recession, nobody can afford to ignore good money management which could even stave off a developing debt problem," she added.
Money Matters was launched in response to the recent Thoresen review commissioned by the Treasury, which found a lack of impartial information available to help people make confident decisions about their finances.
People using the new service are asked a series of questions based on the makeup of their household, income and expenditure and any financial products they use.
The website then produces an advice booklet tailored to the specific answers, outlining steps people can take to improve their financial position.
Meanwhile, one industry expert has claimed that it is "unrealistic" to expect Britain to become debt-free within the next five years.
Teresa Pritchard, director of policy at Citizens Advice, said a new generation of the financially excluded has been created by the recession.
"We go into the next five years carrying a huge amount of debt - not just the national debt, but individuals' lending is still very great," she said at the recent Northern Money Conference 2010.
News article brought to you by Debt1 - UK Debt Management Specialists
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