Householders 'should quickly address credit card debts'

Householders have been advised to quickly address any credit card debt that they may accrue during the festive holiday season.

According to Martin Bamford, the Informed Choice chartered financial planner, unsecured debts should be one area that consumers focus on in the shorter term.

He said: "They should do what they can to pay off expensive unsecured debts, such as credit cards, which are likely to be used over the Christmas period."

Mr Bamford went on to say that UK families may also need to draw up financial budgets in the coming 12 months, as the continued effects of the financial climate take their toll and people see a drop in the amount of disposable income they have.

Meanwhile, Engage Mutual Assurance has recently revealed survey results, showing that a number of adults have had to use some of their children's savings to cover their outgoings in recent months.

Written by Tom Burroughs.