Friday, April 04, 2008

Consumers should take more responsibility for their finances when paying off debt, it has been claimed.

James Falla, director of Thomas Charles & Co, said that people have to examine their own financial situation to determine a debt management plan, rather than relying on their bank manager to come up with a solution.

Banks may be able to provide templates that could help people create a budget, he suggested, or else provide an adviser for helping towards this end.

However, he added: "Ultimately, once you know what's going in and what's coming out, the bank can't help you manage that budget - it's your own personal responsibility."

One option for those who are exploring debt management options is to choose to consolidate debts with one loan, Mr Falla concluded.

The results of a Co-operative Financial Services poll from last month found that eight out of ten people had worries about their debts.

Source: http://www.moneynews.co.uk/4503/debt-management-is-a-consumer-s-responsibility-/