New moneysupermarket.com debt advice urges responsible decisions

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New moneysupermarket.com debt advice urges responsible decisions

People must make responsible financial decisions as a result of the difficult economic climate, according to moneysupermarket.com debt advice.

Head of loans and debt at the comparison site Tim Moss explained that it is vital to be proactive and not to bury one's head in the sand, since people may find that they end up increasing the size of their money worries.

He said: "The era of debt-financed consumer spending is over, so people will need to take extra time to manage their finances and consider lowering their monthly outgoings."

Mr Moss suggested consumers think twice before buying themselves something expensive, as well as try to save up three month's worth of their salary in case they lose their job.

Research by the moneysupermarket.com debt team showed that only 30 per cent of British people would be worried if they lost their home as a result of their debts.

This month, the firm suggested consumers could save money by utilising a cash back credit card and paying their balance in full every month.

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