Financial problems ‘need practical response’

People facing major financial problems such as serious debt should take practical steps to address their situation, rather than stressing about it.

This is the advice of director of Stress Management Society Neil Shah, who said "media hype" about how worried people should be about the economy is a large cause of the problem.

He noted there are many people "genuinely facing the threat of redundancy" who really do have cause for concern.

But, Mr Shah added, it is "far better to focus on what you can do to overcome the challenges you're facing" than lose sleep over the matter.

People wanting to take practical steps to deal with debt may benefit from seeking advice as soon as their situation starts to deteriorate due to redundancy or other negative developments.

A recent MoneySupermarket survey revealed 37 per cent of consumers are more worried about their finances because the UK has gone back into recession.

Posted by Paul Thacker