Brits urged to keep a close eye on their finances

British consumers have been urged to keep a close eye on their finances in order to avoid facing serious debt management difficulties.

Consumer education manager at Experian James Jones has insisted that credit users ought to reassess the state of their finances every month if they can but at least every quarter.

Mr Jones’ comments came shortly after research by CreditExpert found that around 20 per cent of people around the country only plan their finances twice a year or even less frequently.

He went on to suggest that anyone struggling to become debt free should communicate their problems with their lenders and approach independent experts for advice.

According to the latest figures from CreditExpert, as many as one in ten British consumers have no idea who far they are into the red and only one in four can accurately say what percentage of their loans remain outstanding.