"Putting pen to paper" the first step for money management
People keen to start the new year on a firm financial footing should start by "putting pen to paper", according to a sector commentator.
"Putting pen to paper" the first step for money management”
People keen to start the new year on a firm financial footing should start by "putting pen to paper", according to a sector commentator.
Carl Kroger, sales and marketing director at the Relax Group, explains individuals should make a record of everything that goes out of their account every month - which could include purchases on credit cards, bills, rent and mortgage payments.
After this is done, essentials such as food, travel to work and overdraft charges can be worked out.
He suggests luxuries and non-essential purchases can be cut back on as part of a strategy to deal with debts, adding that advice can also be sought from professionals.
"As the credit crunch progresses, more and more people are turning to us for debt solutions as a means to improving their weekly and monthly financial situation," Mr Kroger concludes.
The expert's comments follow the publication of a study by Credit Action, which indicated that total UK personal debt stood at £1,456 billion at the end of November last year.
Posted by Sarah Nyman
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