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Debt management 'should be a priority'

Debt management 'should be a priority'

- Tuesday, 21 April 2009

People may wish to eliminate credit card debt as part of their budgeting strategy to make their monthly paycheque go further, according to the Co-operative Bank.

The group recently published a study indicating that people tend to spend half of their monthly wages - an average of £792 - within the first 11 days of being paid.

But in the current financial climate, it suggested that people should instead set out a budget and stick to it, rather than relying on credit cards and overdrafts when money is tight.

"The research shows that many people are still looking to go out spending straight after being paid every month, but with the current economic downturn, it clearly leads to a much more difficult time later when many cannot get their wages to stretch until they are next paid," said John Barker, head of current accounts at the Co-operative Bank.

Figures from independent charity Credit Action indicate that, excluding mortgages, the average household debt in the UK totals £9,500.

Last month, it noted that every 4.5 minutes, one person in the UK is declared bankrupt or insolvent. ADNFCR-2300-ID-19131451-ADNFCR
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