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US: new law provides debt-free date More debt taken on than repaid in December Savings rise as consumers pay down debt Household debt `could trigger another downturn` More families could fall into debt with energy companies Recession ends Debt defaults lower than expected Britons take three months to clear Christmas debts Budgets to be `squeezed` in second half of 2010 Irish Reduce debt Teenagers concerned about parents` debt Homeowners reduce mortgage debt Advice issued to help people avoid Christmas debt Mortgage lending falls 10% in November Cost of new mortgage debt drops Families facing debt this winter `Upsurge` in homeowners struggling to service mortgage debt Cost of debt - CFA wants `level playing field` Debt news: Britons `more inclined` to spend than save Pre-Budget Report `fails to ease debt fears`

Money management `key to clearing debt`

25/05/2007

Money management is the key to getting out of debt effectively, according to advice given by Sky News.

In a guide entitled Top Five Ways to Clear Your Debt, it is recommended that people keep a diary of their purchases and withdrawals to highlight where money disappears to each month.

Also effective for avoiding financial problems is writing a monthly budget at the beginning of each which considers all possible expenditures; the planned budget can later be compared to the diary of actual spending.

"If you can start managing your finances better and living within your means, this is the ideal way to get out of debt," the article states.

If the situation is serious and involves high levels of debt, the news provider suggests that a consumer may want to consider debt consolidation or an individual voluntary arrangement.

In related news, the Thrifty Scot recently advised debtors to pay off more than their monthly minimum in order to clear debt more quickly.

US: new law provides debt-free date 02/02/2010 - Thanks to a new law, credit card providers in the More debt taken on than repaid in December 01/02/2010 - According to figures from the Bank of England (BoE), in Savings rise as consumers pay down debt 29/01/2010 - According to a survey of 13,000 savers by ING Direct, Household debt `could trigger another downturn` 28/01/2010 - The high level of debt carried by the British public