Breaking budgets leaves people in debt, says Monybasics.co.uk

www.moneynews.co.uk > General finance > Breaking budgets leaves people in debt, says Monybasics.co.uk

Breaking budgets leaves people in debt, says Monybasics.co.uk

Wed 14th Apr 2010

Moneybasics.co.uk has claimed that people end up with debt problems when they spend more than they budget in a month and this is down to the easy access that they often have to credit.

Chris Tapp, a spokesperson for the finance website, made his comments after research commissioned by the organisation showed that 60 per cent of people spend more than they have budgeted each month.

It also indicated that the average amount that people will surpass their planned spend by is £154.

Mr Tapp claimed that having easy access to credit has conditioned people to think that they can always borrow more if they make too many purchases and it is this type of logic that leaves many individuals in debt.

"We are urging people to take real control of their finances, monitoring planned expenditure against actual spending every month to help stay on budget," he added.

Moneybasics.co.uk is a website that aims to offer the basics in financial management and has the support of Credit Action, GE Money and the Consumer Credit Counselling Service.

Click here for more general finance news

Related News : General finance
	Citizens Advice welfare applauds government
	Confused.com energy defends British Gas
	Bank of Ireland passes stress test
	Tesco Mobile deal 'courts consumers'
	Scottish Widows Investment Partnership notes favourable response
	Customers should fix now, says moneysupermarket.com energy
	Confused.com highlights importance of getting the best deal
	Prices on the rise, says moneysupermarket.com energy
	Bank of Scotland economic report 'suggests transitional phase'
	Clydesdale and Yorkshire Banks security advice issued