Consumers urged to budget

20/11/2008

Consumers should make their "money work harder" by budgeting during the financial downturn, it has been claimed.

Figures from the Office for National Statistics (ONS) indicated that consumer inflation rose to 5.2 per cent in September - up from 4.7 per cent in the previous month.

Household services and bills were highlighted as some of the biggest inflationary pressures, with rises in both the average cost of gas and electricity bills.

Francis Walker, spokesperson from charity Credit Action, warned that people need to get into the habit of better money management.

He said: "I know it is very boring and everybody hates budgeting but if you have got to make your money work harder the best way of doing that is to budget.

"People have to get into more of a culture of managing their money better."

According to figures from Credit Action, the average household debt in the UK is £9,500, excluding mortgages.

Of those households with an unsecured loan, the average is £21,650.

Credit Action: "People have to get into more of a culture of managing their money better"

Tags; Income Worries and Debt,

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