Debt problems could be avoided by 'monitoring money'
Debt problems could be avoided by 'monitoring money'
- Monday, 17 May 2010Debt problems could be avoided if consumers checked their bank balances and statements more often, suggests an expert from Which! Money.
In conjunction with the Co-operative Bank, the advice and comparison firm, revealed that only a third of Britons know how much money is in their current account.
John Hughes, director of retail products at the Co-operative Bank, said: "A little bit of effort can pay quite a lot of benefit to customers in ensuring that they track things like how their account is working and how their expenditure patterns are developing.
"These days there are also important issues around, such as fraud, and the more that customers are vigilant about managing their money, the more we can hopefully combat that developing and difficult topic."
Furthermore fraud can lead to
debt problems because fraudulent activity may push the consumer over their overdraft limit which means they could then incur bank charges if unable to prove they were not responsible for the money being spent.
On May 11th the Co-operative Bank revealed that 39 per cent do not regularly check their finances which could lead to
debt problems and five per cent never check their bank statement.
Mr Hughes advises consumers to monitor their finances including any changes and consider switching current accounts from time to time.
Recent Debt Management Plan News
56% of Brits have no life insurance which could leave family with debt problems
Wed, 04 May 2011More than half of UK adults currently have no life insurance cover, which could mean their loved ones are left with
debt problems when they die...
Brits thinking about retirement advised to seek debt advice
Tue, 03 May 2011Consumers considering their retirement options have been advised to seek professional advice, as they may end up with
debt problems in the future...
Brits planning to attend a wedding should start saving to avoid debt problems
Thu, 28 Apr 2011Consumers concerned about getting into
credit card debt to pay to attend a wedding may want to use their savings instead...
Couples planning their big day can avoid debt problems by negotiating a cheap wedding
Wed, 27 Apr 2011Couples-to-be worried about needing
debt advice in the future after paying for a wedding can ensure they avoid accruing
debt problems by negotiating a cheap wedding...