Borrowers have been advised to take practical steps towards tackling their debts for the New Year, and work towards getting their finances in order.
Leading financial solutions company Think Money has outlined some steps that borrowers could take to get their finances in shape for 2012 – including reviewing their debts.
After the typically costly Christmas period and New Year’s celebrations, many of us are carrying a bit more debt than usual, which puts a strain on our finances.
And what with winter heating bills beginning to arrive, the temptation of the January sales and payday still weeks away, many people could really benefit from taking steps to review their finances.
Borrowers have been advised to take a fresh look at their monthly finances: how much they earn, how it’s spent, how much ‘spare’ money they have in their budget and how much they’re repaying towards their debts.
A good online budget planner could help you ensure all your costs are accounted for.
The company has also advised borrowers to consider different ways of tackling their debts, depending on their circumstances.
People with several debts could find a debt consolidation loan helps them repay what they owe – as having a single payment to make every month could be easier to budget for.