Budgeting 'can help reduce debt'

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Budgeting 'can help reduce debt'

Working out a budget and sticking to it is the best way to sort out debt for the new year, according to the Consumer Credit Counselling Service (CCCS).

Frances Walker, spokesperson for the CCCS, said that the strategy of working out an annual budgeting to take account of quarterly or yearly expenses is a good place to start.

The beginning of the year "is also a good time to look at income maximization - making sure you are getting all the benefits and tax credits you are entitled to", she explained.

Ms Walker added that if more than 20 per cent of a person's income has been earmarked for payments to credit cards or personal loans, that person is "over-extended".

According to the most recent Credit Action figures, the total amount of personal debt in the UK is currently £1.4 billion and the average household owed £56,234 including mortgages.
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