One of the keys to debt management and staying debt free is to keep an eye on income and outgoings. According to the Association of Payment Clearing Services (Apacs), online banking may be the way to do this.
Apacs spokesperson Michelle Mayer said online banking allows consumers to see what is happening in their accounts whenever they want.
“I think what it will do is give people an exact picture of where they stand, which is always a good thing if you are trying to manage your budget,” she commented.
Ms Mayer added that online banking has recently become more popular – an opinion backed up by Apacs’ statistics showing a 505 per cent increase in the last seven years. This is the next step from shopping online, she said.
Online bankers should perhaps be wary of phishing scams, however, as Apacs reported 20,000 incidents in the first half of 2008.