Debt 'can be tackled in the new year'

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Debt 'can be tackled in the new year'

Fri 11th Jan 2008

The new year is the ideal time to begin to address debt problems and make a new start, one expert has suggested.

Frances Walker, spokesperson for the Consumer Credit Counselling Service (CCCS), said that there are many reasons why January could be a good time to tackle debt.

She explained that many mortgage holders will be ending their fixed-rate home loan deals this year, so they may have to consider how to fund their new arrangement.

Additionally, she recommended that consumers who have used credit cards frequently over the Christmas period should pay back as much as they comfortably can.

"If you just pay back the minimum amount - say you spent £500 - you will probably find you still owe about £460 next year, even though you will have paid out over £100," Ms Walker explained.

The CCCS is a charity which aims to help people who are facing financial problems by giving impartial advice.

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