The Money Stop

People concerned about their financial situation should not simply leave the problem to get worse, warns a personal finance writer.

Cliff D’Arcy has said that tackling financial problems early will help people stay on top of their debts.

According to research by Monilink, 22 per cent of people have built up too much debt and are finding the repayments from month to month a strain.

Mr D’Arcy advises people to get in touch with their bank and credit card companies if they are facing financial problems as they may be able to freeze the interest or relax payments to allow customers to try to balance their budgets.

Another option for people who are worried about their debts is to contact a free debt counselling charity, such as the Consumer Credit Counselling Service (CCCS) or seek advice from a personal finance website.

Commenting on the help such organisations can offer, Mr D’Arcy said: “They have some very good advice written in plain English that will help you to deal with debt.”

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