Consumers offered debt management tips

Consumers have been offered a series of debt management tips by an expert.

Beccy Boden Wilks, spokesperson at the Money Advice Trust, urged consumers to be realistic about the amount of money they can afford to repay on financial products such as credit cards.

“If you are thinking of making a large purchase on your credit card – do a budget sheet and work out how long that is going to take you to pay back,” she said.

Ms Boden Wilks advised consumers to consider whether they will be able to afford to pay off a large purchase in one lump sum, or if the payment will need to be spread over a number of months.

She added that credit card holders are the most knowledgeable about their own situation.

Recent statistics by Credit Action revealed the extent of people in Britain who may benefit from debt management techniques.

According to the charity, the average amount owed by every UK adult through credit cards, motor and retail finance deals, overdrafts and unsecured personal loans is £4,870.

By Rosie Park