Discipline is 'important in managing debt'

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Discipline is 'important in managing debt'

Brits have been advised that discipline is one of the most important factors in managing debt.

Michael Garvey, chartered financial planner at Edinburgh Wealth Management, said debt in itself is not a bad thing as it can help people to manage their short-term finances, but what individuals have to be aware of is building up significant levels of debt, as this can lead to financial meltdown if not handled with due care and attention.

He commented: "We have got to budget exactly how much we want to spend and be disciplined about not exceeding that budget and disciplined with regards to paying down the debt."

Danny Cox, head of advice at Hargreaves Lansdown, also recently noted that the festive period can be a particularly bad time for people building up debt.

He argued that as a result, Brits should be wary of building up borrowings at this time of year, as they will only have to be paid off some time in the future.

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