January 'sees a debt advice spike'

In the aftermath of the Christmas and New Year celebrations, more Brits could experience financial difficulties that may see them develop a bad credit rating.

Managing director of the Debt Advice Foundation David Rodger said enquiries made to his organisation double every January.

He attributed this to people over spending throughout the festive season and said this is particularly worrying if it restricts people's ability to fund everyday living expenses.

Noting many individuals may look to taking on a credit card as a temporary solution, the expert advised anyone in this position draw up a strict budget plan in order to stay in control of their finances.

"We advise people to sit down and take a long, hard look at exactly what their commitments are each month and how much they can afford," he commented.

More specifically, setting repayment targets could help with money management, as life coach and personal trainer at Footprintcoaching.org.uk Georgina Burnett recently claimed people do not set themselves a realistic time frame in which to achieve their aims.

Posted by Gemma Walker