Personal Debt Help & Counseling - Greater Manchester, Cheshire & Yorkshire

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16/08/2007

Britons Overall Debt Burden Now Reaches £1.325 Billion

Recent research from moneysupermarket . com found that 2.1 million Britons are permanently overdrawn, and over 80% of the uk population regularly overspends.

The managing director of CreditExpert.co.uk, said that such findings reveal "a lack of understanding of the long term consequences of these actions" and added that "its imperative that people fully realise the implications of not managing their finances properly"

One of the most effective ways to keep track of spending and repaying is by creating a budget to monitor your monthly expenditure for household bills, mortgage payments, loan repayments and other expenditures.

Not only can following the budget help prevent debt problems but it can also facilitate the success of Individual Voluntary Arrangements because keeping to a regular payment schedule is essential.

Figures recently released from the Insolvency Service discloses the number of IVAs taken out during the first quarter of 2007 reached 13,233.

The importance of learning how to effectively budget can mean the difference between getting out of debt and staying in the red.