UK Money News
24th December 2007
Balance transfer 'a viable method of addressing debt'
Consumers who find that they have spent over their budget during the Christmas period could consider balance transfers or debt consolidation as methods of addressing their trouble with debt.
So claims Thomas Charles debt consultancy, a personal finance advice firm that believes both methods of sourcing help with money are viable means of getting into a stable financial position.
James Falla, director of Thomas Charles, said: "There is nothing wrong with doing a balance transfer.
"It's the ones who have done the balance transfer and the consolidation loan but not changed their attitude to spending who get themselves into trouble."
He added that many people seeking out help with money had taken good advantage of such methods of addressing personal finance shortfalls.
However, Mr Falla added that consumers who find they need further substantial help with money after having taken such action should consider more formal debt management options like an individual voluntary arrangement or similar undertaking.
Meanwhile, in related finance news, Thomson has released research indicating that people have continued to spend more money on Christmas this year than last, despite the credit crunch of recent months.
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