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'Live within means' to avoid debt
01 April 2008
Persistent worries about debt among British people can easily be avoided by people living within their budget, according to leading debt counselling group Thomas Charles.
While the dictum might seem straight forward enough, Citizens Advice recently published data showing that many UK householders were feeling the pinch and seeking debt counselling, with 35 per cent more people struggling to keep up with mortgage repayments than a year ago.
James Falla, director of Thomas Charles and co, said that people should get a blank sheet of paper and write down all of their income and expenses.
"You can then look at your monthly expenses and do a bit of saving; you can budget better so you can afford to pay your debts. The next step is to look at your budget and see if you can do some sensible management, tighten your belt and see if you're spending anything that you can cut down on," he said.
Mr Falla added: "Simply live within your budget. It isn't rocket science. If you're spending more than you've got coming in then you're going to get into debt."
