UK Money News
27th November 2007
Understanding the scale of debt 'is vital'
It is extremely important that people are fully aware of their debt situation before they start to seek advice, one company has stated.
According to Thomas Charles, a firm dedicated to providing help with finance advice to those in trouble with debt, not having a good grasp of their circumstances could mean that they miss the best solution.
James Falla, managing director of the personal finance institution, remarks: "[People] should have quite a good idea in their own mind about what they think that income and expenditure and disposable income look like.
"Then when they start talking to the different debt advisory operations, they will have an idea of what they think they can afford."
He added that, while it may not be pleasurable to assess the full extent of your debt situation, avoiding doing so can cause more problems further down the line.
In related money news, the Personal Finance Education Group has said that it is difficult for people to avoid debt because it is "built into our society".
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