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Those anticipating an income drop 'should seek advice sooner rather than later'

Some credit card users may be interested in advice from the Money Advice Trust that those anticipating a drop in income should seek financial advice as soon as possible.

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3 August 2009

Those anticipating an income drop 'should seek advice sooner rather than later'”

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Beccy Wilks, spokesperson for the charity which offers free money advice, suggested that anyone who is worried that they might be getting into difficulty with debt, or are anticipating problems, should seek help earlier rather than later.

Her comments follow the release of recent figures from Credit Action which showed that UK personal debt at the end of June totaled £1,458 billion.

This means that the average household debt is currently £9.240.

Ms Wilks said that the National Debt Line received over 41,000 calls last month, making it the busiest month in the history of the charity.

She suggested that those looking for advice need to know everything; "including the pros and cons and you need to get complete information on how all options of debt handling are going to affect you, rather than just looking at debt management plans, consolidation loans or an IVA [Individual Voluntary Arrangement]."

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