‘Sort out debt in the new year’

The new year is “psychologically the right time” to get finances in order and sort out debt, it has been announced.

According to debt counselling service Thomas Charles, the post-Christmas period is when people in debt or struggling with finances should begin to budget and draw up a spreadsheet so they can see their monthly outgoings.

James Falla, director of the firm, added: “Start by putting money away. It sounds very simple but in fact the amount of people that don’t do that is quite considerable.”

Mr Falla also recommended that people save money for items they want such as a new sofa, rather than relying on personal loans to afford them.

He advised those planning to save to put the money away at the beginning of each month rather than the end.

Recent research by Thomas Charles and Yougov found that 15 per cent of people in the UK are in serious debt – over £10,000.

© Adfero Ltd

Leave a Reply

Your email address will not be published.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