Organisation "key" to debt management

Britons looking for debt help might need to be more organised when it comes to money issues.

Speaking to the Observer, Andrew Hagger of Moneynet said that it is vital to keep a handle on bank account income and outgoings in order to stay on top of finances - and potentially avoid debt problems.

He advised consumers to register for online banking to keep a close eye on bank balances and move excess cash to a savings account, as well as make careful use of credit cards for emergency purposes and pay the balance in regular instalments.

"But it`s a very different matter if you start using it to fund your day-to-day living and only make minimum payments - that`s what you definitely shouldn`t do," Mr Hagger stated.

According to recent uSwitch.com research, those who make only the minimum repayment on their credit cards every month could end up taking 31 years to clear a £1,384 debt.