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Consumers want to be in financial control to avoid debt problems

Consumers want to be in financial control to avoid debt problems

- Friday, 17 September 2010

At least 30 per cent of consumers think that they are in control of their finances, which can help them avoid debt problems.

That is according to Southern Electric, which also revealed on September 15th, that another 34 per cent want to be in control of their money.

Those people who have been staying in control of their finances by sticking to a budget and avoiding accruing large sums of credit card debt have saved an average of £568 in a year.

Alvin Hall, a financial expert, who hosted Your Money or Your Life on the BBC for five years, thinks that Brits are trying to retain control of their money due to the economy.

He said: "I think that one of the effects of the economy is that people feel less certain about what is going to happen with their jobs as well as their financial wellbeing in the future, so they are looking at their situations now and deciding where [they] can cut back."

Consumers are keeping tabs on their money by using online banking, sticking to a budget and not making purchases on a credit card, Mr Hall added.
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