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Consumers urged to make financial provisions to avoid needing debt help

Consumers urged to make financial provisions to avoid needing debt help

- Friday, 17 December 2010

Consumers are being urged to make financial provisions in case they lose their jobs so that they will not need debt advice in the future.

According to David Rodger, managing director of the Debt Advice Foundation, just one in six actually seek debt help if they are struggling with their finances.

This is a concern as more people could find they are struggling with debt due to the VAT increase and the threat of job cuts so Mr Rodger urges consumers to plan ahead.

He said: "Redundancy can have a massive impact on household finances, so it's important to plan ahead.

"For instance, [you can do this] by avoiding overstretching your finances, not committing to large amounts of credit, setting yourself a budget and where possible, keeping reserve funds that could tide you over while you look for another job."

These comments were made after the Money Advice Trust predicted on December 14th that the potential increase in unemployment will cause at least two million people to need debt advice.
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