Bridging

With Credit Action estimating that the total UK debt is £1,400 billion, many UK residents are urged to make a twelve-month budget to assist in sorting out their financial situation.

The Consumer Credit Counselling Service (CCCS), recommends determining one’s budget by looking at quarterly bills, car insurance payments, and other monetary outgoings, setting an annual budget, and then dividing that by twelve.

CCCS spokesperson, Frances Walker, explained that setting a budget and looking into income maximization can assist many individuals and families. She warns, however, that if 20% of your income is going towards monthly repayments, you are stretching yourself too thin. If this is the case, one beneficial option may be debt consolidation.

This entry was posted on Thursday, January 10th, 2008 at 10:42 am and is filed under Debt. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.