Debt-hit consumers 'should focus on financial budgeting'

A new budgeting tool is being offered to those who are struggling to deal with financial concerns that relate to debt.

It is hoped that the tool, which has been created by the Debt Advice Foundation, may have a positive impact on people's money management.

The organisation's managing director David Rodger suggests that it is important that issues relating to things like credit card debt do not turn into much more serious problems for consumers.

"With personal insolvency reaching record levels, fresh thinking is needed and our advice to consumers is to 'know what you owe' and 'seek help now'," he commented.

High insolvency figures among the UK's residents are said to have inspired the creation of the foundation's new tool.

Meanwhile, the Consumer Credit Counselling Service has outlined a number of issues relating to personal debt over the course of this week, noting that debt may be affecting the likes of self-employed workers.

Posted by Gemma Walker.