Money worries

A new survey, by MoneyExpert.com, has found that one person in every three is concerned that they may not be able to manage their debts.

For every one in four people who has managed to reduce their debt burden, 27 per cent of others now owe more than they did three months ago - before Christmas.

Sean Gardner, chief executive of MoneyExpert.com, said: "The fact that one in three people who owe money are concerned or very concerned about their ability to manage their debts is worrying.

"The Christmas spending spree has undoubtedly had an effect and many who have increased their borrowing will probably clear their debts in the next few months. Anyone who is worried that they are struggling to keep on top of their debts is heading for serious trouble if they do not take action now. Whether you need to consolidate your debts with a loan or just juggle your borrowing onto cheaper products, the important thing is to work out a repayment plan and not bury your head in the sand."

Home owners should re-examine their mortgage, utility bills, motor and home insurance policies on an annual basis - that way they can be confident that they are getting the best value from their expenditure.

February 19^th 2008

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