6 February 2009
Consumers who are struggling to make essential monthly payments should seek debt advice, it has been suggested.
According to Sharon Bratley, chartered financial planner at Fairinvestment.co.uk, professional advisors can take consumers through a range of options.
She said: "If [consumers cannot pay their bills], then it is vital to seek debt advice from a qualified debt advisor who can talk to you about the whole range of options available, including budgeting, debt consolidation and individual voluntary arrangements."
Ms Bratley made her comments in the wake of research conducted by Fairinvestment.co.uk which found that 31 per cent of UK consumers are considering cutting back on essential monthly payments, such as mortgages and credit cards.
Earlier this year, David Kuo of financial website The Motley Fool suggested that personal debt in the UK currently stands at more than £1.4 trillion and is continuing to rise.
He added that this must be "whittled down" if consumer confidence is to be restored.
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