Self-control ‘the key to coping with debt’

Those who want to get debt free need to take a diligent and disciplined approach to the matter, it has been stated.

Justin Modray of financial website candidmoney.com said there can be no compromise for those keen to get the situation under control, warning: “If you fail to tackle debt it can just spiral out of control, so firm discipline is needed.”

The first priority is to go for debt consolidation, which can often simply be a case of switching a balance to another account charging less interest.

“For example, if you’re able to get a zero per cent introductory credit card deal then transferring the balance from a more expensive card will give you some breathing space,” he explained.

However, Mr Modray noted, if this involves transferring to a card with a low introductory rate, care should be taken to avoid being stung with a sudden jump in interest when this period ends.

And people seeking to reduce their debt should sit down and work out how much they can set aside for this each week and “stick to that as far as possible”.

Such advice may be heeded by those wanting to clear debt rather than add to it, something that may require debt management plans or even an individual voluntary arrangement to accomplish this.

Figures produced by the Consumer Credit Counselling Service this week have revealed Londoners are the most likely to seek debt help, with 24.3 people per 100,000 contacting it for help.

The second highest rate was among Yorkshire residents at 23.6 per 100,000.

By Amy White