Online banking `may help those in debt`

18 August 2008

People with debt problems may want to consider doing their banking online, according to comments made by the Association of Payment Clearing Services (Apacs).

Michelle Mayer of the association said people who are trying to stick to a budget can get "an exact picture" of their situation by using online banking.

"Having access to your finances whenever you want and seeing what is going in and coming out puts you in a good place," she commented.

Online banking is growing in popularity, Ms Mayer added, because consumers are now used to shopping on the internet. Using it for banking and other administration is "a natural progression", she said.

For people worried about debt or trying to keep on top of their banking, checking their income and outgoings online may be a benefit.

Apacs` figures show the number of adults using online banking has risen by 505 per cent in the past seven years.

Fees payable when continuing service is provided. Repaying debt over a longer period may increase the total amount to be repaid. Calls are recorded and are usually free from UK landlines. Mobile phone users may be charged and should check with their service provider.