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Debt management weekly roundup

11/03/2011

The theme of the news in the realm of debt management this week, seems to be about how people with debt problems should go about dealing with their debts, although the decision to hold interest rates at 0.5% will welcomed by millions of homeowners with mortgages.

On Monday this week, personal finance site lovemoney.com urged people to pay down their debt rather than increase their savings pots, in 2011.

And people thinking about borrowing money in a bid to alleviate their debt problems have been told only to do so should they be able to comfortably afford it.

That's the advice this week from a British consumer group that was set up to help protect the rights of savers in this country.

The advice comes as Credit Action released its Debt Statistics for March, which shows that banks and building societies write off £25 million on loans every day - purely because the debtor can't afford the repayments.

But Britons who are dealing with debt problems at present do have a broad range of outlets when it comes to seeking out debt help in 2011.

Head of savings at Nationwide, Richard Marriott thinks those in a complex financial situation or people in need of debt advice should approach some of the UK’s financial institutions.

Debt solutions expert, Kevin Still says, "Planning for continued expenditure increases in your household budget is essential and this may mean taking debt advice if there is a deficit." ADNFCR-2613-ID-19953581-ADNFCR