FSA launches online debt test

Borrowers have been invited to take a new online “debt test”, launched to help consumers take control of their homeowner loan and credit card debt.

The online test has been developed by the Financial Services Authority (FSA) and the BBC alongside independent financial advisors.

As well as providing information and feedback on their levels of debt, the test will also provide borrowers with tips on how to clear debt problems and how to find further help.

“Managing debt effectively is one of the most important things any of us have to do to keep control over our finances,” said Vernon Everitt of the FSA.

“The debt test is a useful tool to help consumers gain a fast overview of their borrowing, avoid debt becoming problematic and sort out what to do if it is already causing concern.”

“In the wake of the Christmas period, there could be no better time to be launching the debt test,” added Peter Clifton, head of BBC News Interactive.

“Debt is a very real problem for many people across the UK, and this is a neat way to help them. It provides clear feedback and links to more information and is just the sort of thing that works really well on the web.”

The FSA has said that it is committed to developing other hands-on tools to help people manage their finances, and will be promoting its new approach over 2006.

© Adfero Ltd

Leave a Reply

Your email address will not be published. Required fields are marked *