Wednesday 24th of June 2009
Debt management is becoming more difficult for several million people in the UK, new research has suggested.
According to Tesco Compare, 4.8 million individuals in the last six months have experienced increases in the amount of money they owe on credit cards, with outstanding balances up by an average of £412.
The company also found that around 11 per cent of those who have not made cutbacks on credit card spending this year believe they would be incapable of handling their finances without them.
If your credit card debts have begun to spiral out of control, a debt management plan could be able to help. The voluntary arrangement between debtor and creditor can allow you to put all forms of outstanding debt into one place, which can then be paid back in single, affordable instalments.
Debra Williams, a spokesperson for Tesco Compare, said that there are also steps people can take to help prevent credit card debts from getting out of hand.
"Even those who aren’t currently in a position to make cutbacks could still save themselves some cash by shopping around for a better deal," she remarked.
