The Money Stop

People who are looking for a way to deal with their debt may want to consider debt consolidation, Experian has said.

James Jones, consumer education manager at the company, advised people who are struggling with their finances to seek advice from a free advice agency, citizen’s advice bureaus or the national debt line.

“Debt consolidation is one of a range of options,” Mr Jones commented.

“I would encourage people to always speak to their lenders if they are struggling to make payments,” he added, saying that they can help people find solutions to their debt problems.

According to research from CreditExpert.co.uk, 20 per cent of people plan their finances every six months or less.

Commenting on this, Mr Jones recommended that people get into the habit of doing this every month or every three months.

The research also found that one in ten of people are completely clueless about their level of debt.

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