Debt help could allow for a fresh start

23/02/2010

The recession has caused many people to take a closer look at their finances, according to a spokesman from a money education charity.

Chris Tapp, director of Credit Action, has said that a "silver lining of the recession is that it makes people sit up and take notice of how they manage their finances".

He added that many people may now become more wary of credit and could instead choose to live within their means.

A structured debt management plan can help people to organise their finances in this way in order to may a clean start.

Mr Tapp's comments followed a BBC News interview with Ros Altmann which revealed that the former government advisor is keen to install a regulator to monitor credit card rates.

But the money education expert believes that this will not be of benefit in the long-term.

Instead, Mr Tapp is calling for consumers to make informed choices and avoid using a credit card if a company if offering an unreasonable price on the interest.

Posted by Fiona Smith

Tags; Budgeting Advice,

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