Brits advised to enroll in online banking to avoid debts
23 December 2009 By MoneyHighStreet Staff Leave a Comment
An analysis made by Moneymagpie.com showed that utilising the power of the Internet in banking could be a very effective way to help Brits keep track of their debts. The website is suggesting that more Brits should enroll in online banking to help them manage their finances and avoid slipping into debt.
Jasmine Birtles, founder of Moneymagpie.com said a study has shown that UK consumers should regularly check their account balances through the Internet, and they could easily do this if they would enroll in online banking services.
She said that one of the best advantages of online banking is it helps the account holder to keep track of their money management and “to see what’s coming and what’s coming out.” If debts are starting to mount then it is also sensible to seek debt help as soon as possible before the situation worsens.
Moreover, regularly checking your account online would lessen the risk of online fraud as the account holder can immediately know if their account has been compromised.
Birtles noted that these crimes are becoming more and more prevalent and the public should not only be aware of, but also must take action to prevent it.
At the same time, online banking will help consumers to monitor and clear off any debts they owed on their credit cards. “If they have got credit card debt then that should be their first focus”, she said.
According to Birtles, British consumers should concentrate on building up their savings account balances.
She made the comments after the Financial Services Authority released its own study which surveyed British households and found that an estimated 50 percent of households believe they would not be able to survive for more than one month in case the family’s breadwinner becomes ill or should they unexpectedly lose an income.
Jasmine Birtles has also written a very good book called The Money Magpie: I can help you ditch your debts, make money and save £1000s, which is being sold at Tesco.com for £7.19 – a £1.80 saving from RRP.
