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Tips offered to consumers facing debt
24 October 2008
Consumers who may be entering into debt problems have been issued some tips by an expert.
Writing for the BBC, insolvency practitioner Alan Tomlinson suggests that consumers should first look for the signs that they are falling into financial difficulty.
He said that such signs may include getting behind with mortgage repayments, increasingly relying on credit cards to make ends meet, borrowing money from friends and family members to pay creditors and having to take credit from sources that would not normally be considered.
Mr Tomlinson went on to say: "Clearly, you should try to cut back on any unnecessary spending so that you can divert some income towards paying off your debts, or at the very least try to stop them getting bigger."
However, he added that if it is too late, consumers should seek professional advice from an industry practitioner.
Meanwhile, figures produced recently by Unbiased.co.uk suggested that 3.3 million Britons are giving money to their adult children to help them cope with the cost of living in the UK. 
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