Poor budget planning could lead to repossessions

Tue, 13 Sep 2011

The number of repossessions taking place in the UK could be exacerbated by failure among households to adequately plan their budgets.

David Rodger, managing director of The Debt Advice Foundation, has suggested families need to take simple steps in order to improve their financial position in the long run.

The industry figure recommended people begin by finding the time to put together a sound budget plan, as this should be the first action anyone puts into practice when getting to the bottom of their debt troubles.

Mr Rodger explained: "Start by writing down what money you have coming in versus what you have going out and then think about what you have available to spend each week."

Individuals fearful they could be at risk of repossession may therefore wish to consider how small, everyday purchases may affect their monetary position, as well as the impact larger expenses - such as Christmas and birthdays - might have.

His comments come after a recent report from the Institute for Fiscal Studies suggested household incomes are unlikely to improve in the near-future.

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