Debt sufferers 'should boost their financial knowledge'

People who are struggling with debt and bad credit should take control by improving their financial knowledge, according to the Consumer Credit Counselling Service (CCCS).

Frances Walker, spokeswoman for the organisation, commented that people will find taking control has short and long-term benefits.

She added: "During a recession, nobody can afford to ignore good money management - which could even stave off a developing debt problem."

Ms Walker made her comments during the National Skills Academy Financial Services' Money Week and encouraged people to fill in any gaps in their knowledge when it comes to personal finance.

Richard Perks, director of retail research at Mintel, commented recently that rising interest rates could impact the finances of several consumers over the coming months.

Although some may be keen to get credit to help offset the impact of increasing taxes, he noted that the upcoming Budget will likely provide a clearer picture of the shape of things to come.

Posted by Martin Peacock