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Budgets to be `squeezed` in second half of 2010

08/01/2010

UK families` budgets will be particularly `squeezed` in the second half of 2010, according to Martin Bamford of Chartered Financial Planners Informed Choice.

As moneyexpert.com reports, Mr Bamford predicts that the second half of next year will be the time when higher interest rates will impact on consumers - as will higher taxes and `peak` levels of unemployment.

People with debt management issues, he stated, should budget carefully and work to reduce their debts. "In the short-term," he said, "they should do what they can to pay off expensive unsecured debts, such as credit cards, which are likely to be used over the Christmas period."

One way of doing this, moneyexpert.com advises, might be to take out a zero-interest credit card - the interest-free period could provide a valuable opportunity to work on reducing the overall debt while there are no interest charges adding to it.

The Bank of England`s latest figures show that the nation`s citizens were collectively carrying £1.458 trillion of debt in October: £1.230 trillion of that debt secured against property and the remaining £228 billion in the form of consumer credit (`credit card lending and other loans and advances`).

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according Rising household costs could pressure people in debt 10/08/2010 - The UK may be about to see a rise in