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Keep track of finances to avoid debt, expert urges

Keep track of finances to avoid debt, expert urges

Category: Loans

Updated: 13/01/2009
First Published: 13/01/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Consumers have been advised to keep track of their finances in order to avoid mounting difficulty.

Sales and marketing director for the Relax Group Carl Kroger suggested that monitoring outgoings and comparing them to income should help establish whether there is a debt.

He urged people to keep a record of bills, direct debits, secured loans and other payments.

"If outgoings are higher than the money coming in, there is a debt problem. If the debt isn't too large and is easily managed, begin by cutting down on luxuries and non-essential purchases," said Mr Kroger.

The advice follows research from Direct Line, which found that eight per cent of people are likely to default on credit card payments if they are struggling financially.

Television subscription bills were shown to be the most likely payment to be ignored, with 22 per cent stating that they would not pay these bills, while 16 per cent would fall behind on mobile phone charges.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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