Struggling Brits 'should make cutbacks'

Many Brits may be facing financial difficulties such as a bad credit rating as a result of the ongoing economic downturn.

Anyone struggling with their finances as a result of this scenario could follow the advice of one expert.

Personal finance expert at uSwitch.com Michael Ossei suggested people assess their expenditure and see if there are any cutbacks that can be made.

One way in which to do this could be to draw up a strict budget plan, which editor of CashQuestions.com Annie Shaw recently argued can be aided with a credit card.

She added there is also an increased range of protection available should a firm purchases have been made from go bankrupt.

"Brits are preparing themselves for another tough year. While the cost of living continues to rise, pay isn't keeping up, which means that workers are seeing their disposable income drain away," Mr Ossei explained, suggesting pay freezes could have a very damaging impact.

Posted by Tom Burroughs