UK Money News
9th June 2008
Debt-hit Brits urged to budget more effectively
Budgeting effectively remains the best way that consumers can ensure they do not fall into debt, an online bank has advised.
cahoot quizzed Britons over how they have changed their spending recently in a bid to assess how the credit crunch had impacted on their spending.
It was found that although many are taking steps to address their situation, a significant minority are still behaving as if they are still able to secure cheap credit.
This was born out by 13 per cent of the sample saying that their spending on shopping is leading them to eat into their overdrafts, car repayments, household bills and mortgage repayments.
Matthew Timms, director at cahoot, said this group are advised to take immediate action to avoid developing problem debts and said the best way to do this is to set a budget.
Also recommended is securing a good rate of interest on any savings you might have, he added.
Mr Timms advised: "Keeping on top of your finances and setting aside a specific amount each month for treats is a prudent policy, but you need to make sure that while it's sitting in your account, the interest rate is making your money work for you."
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