New year, new start for personal finance, says CCCS

Consumers are being urged to get their houses in order when it comes to personal finance.

A new year, new start mentality is needed says the Consumer Credit Counselling Service (CCCS), which is encouraging people to take a closer look at the state of their financial situation.

Anyone who spent heavily on their credit cards over the festive period should also ensure that they repay more than their monthly minimum payment.

Frances Walker, spokesperson for CCCS, said: “If you just pay back the minimum amount, say you spent £500, you will probably find you still owe about £460 next year, even though you will have paid out over £100.”

Commenting on the January sales, she said: “Everybody loves a bargain, but you have to question whether you really do need something or whether you are buying it just for the sake of it.”

According to Credit Action statistics, total UK debt stands at £1,400 billion, with the average UK household now owing £56,234, including mortgages.

© Adfero Ltd

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