Struggling homeowners 'need to review financial budgets'

Financial planning could prove useful to UK householders who are having problems meeting their monthly housing payments, according to one expert.

Rather than getting into credit card debt, Homeowners Advice Centre co-owner Chris Jenkins believes that it might be a good idea for consumers to assess how they might be able to meet their mortgage payments by lowering some of their other outgoings.

He said: "If outgoings are exceeding incomings then action needs to be taken and advice sought from relevant organisations."

Such bodies might include the Consumer Credit Counselling Service and Citizens Advice, Mr Jenkins has noted, as they are capable of providing people who are looking to avoid making regular use of credit cards with "advice about budgeting and financial planning".

It was revealed by Credit Action last week that by the close of November last year, UK consumers faced overall personal debt totalling £1,459 billion.

Posted by Tom Burroughs.