A strict budget 'is the key to reducing credit card debt'

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A strict budget 'is the key to reducing credit card debt'

Tue 28th Jul 2009

Devising and sticking religiously to a strict budget is the key to reducing the amount of money consumers have put on their credit cards, it has been claimed.

Registered charity the Consumer Credit Counselling Service (CCCS) has advised those failing to make their minimum payments to tackle the situation as soon as possible.

"[The] first step should be to make a strict and truthful budget that will set out your finances and help you see where you are overspending," recommended spokesperson for the charity Tom Howard.

During the 12 months to June 2009, the Citizens Advice Bureau revealed that it dealt with 400,000 enquiries relating to store card and credit card debts - a 13 per cent increase compared to the previous year.

It also revealed that there was a 24 per cent increase in bankruptcy-related enquiries during the same timeframe.

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