Spenders need to work out their budgets
January 11, 2008 by admin
Filed under News, News-Credit-Cards
Sitting down and working out your personal budget is the best way to begin reassessing your money, according to financial experts. 
The Consumer Credit Counselling Service (CCCS) said that the most accurate way of accounting for spending is to make an annual budget and then divide it by 12.
Frances Walker, spokesperson for CCCS, said: “It is also a good time to look at income maximisation; making sure you are getting all the benefits and tax credits you are entitled to. There is lots of help out there, particularly online.”
She added that consumers in need of financial advice would be better off going to a debt advice charity rather than a bank.
“With banks they may just say ‘we’ll just give you one consolidatory loan‘”, she concluded.
According to Credit Action statistics updated on January 4th 2008, the total debt for the UK stands at £1,400 billion with the average household owing £56,234.
