Those struggling during the current credit crunch have been advised to implement a budget plan by one finance charity.
The Consumer Credit Counselling Service (CCCS) – which provides information to those in financial difficulty – has urged people to take this option, rather than selling items to reduce their debt or increase disposable income.
“By cutting out luxuries … your margin of surplus should increase and allow you to meet your priority obligations such as rent, mortgage payments, utility bills and food,” spokesperson for the CCCS Tom Howard explained.
Mr Howard went on to say that those concerned about their financial situation may wish to organise a meeting with a debt adviser to help create a money management plan.
Such advice may be useful for those struggling with credit card debt, or facing bankruptcy.
Recent research carried out for MoneyExpert.com revealed 56 per cent of Great Britain’s population applied for financial products over the last six months, 13 per cent of which were rejected.
By Tom Musk