Those in debt have been advised that the secret to financial wellbeing is to “live within your means”.
This is according to agony uncle The Credit Guy, or Todd Ossenfort, who advises people for website Creditcards.com.
He suggested to one reader that a good way of affording emergency expenditures is to save money for them, rather than rely on plastic.
Cards, Mr Ossenfort noted, “make it too easy to supplement income” and extra money on entertainment and eating in restaurants should be budgeted for.
For those with severe debt management difficulties, however, he went on to add that all other solutions should be looked into before bankruptcy proceedings are begun.
“Living with the stress of overwhelming debt is something no one should have to do,” he remarked, observing that for those who feel bankruptcy is the best way to get out of debt, petitions should be filed.
The Credit Guy’s counsel is supported by minister for business Ian Lucas, who recently stated that bankruptcy applications should be considered a “last resort”.
By Sarah Adie