Summer `a time for debt management`

Debt management efforts could be easier during the summer months, as National Savings and Investments (NS&I) notes consumers have more control over their money.

In winter, NS&I explains, some uncontrollable increases in expenditure typically take place - such as the cost of heating property during the colder months.

However, in summer, it is a failure to manage discretionary expenses which puts individuals` debt management efforts in jeopardy.

For 60 per cent of people, the cost of going on holiday eats into their summer budget, while 39 per cent of people also spend more in bars and restaurants when the sun shines.

But savings can be made by eating home-grown produce, walking rather than paying for transport and hanging washing outside, rather than using a tumble drier.

For many consumers, NS&I previously noted, effective debt management is a preferable option to dipping into emergency savings in order to meet unexpected expenditure.

Some 12 per cent of people would turn to a credit card, while 17 per cent would opt for a loan, before accessing funds they had put away for a rainy day.