Individuals must take responsibility for debt consolidation, expert claims

Tue, 01 Apr 2008

People who find themselves in debt because of credit cards, personal loans and other forms of borrowing need to take responsibility for their own actions, one expert has claimed.

James Falla, director of Thomas Charles, explained that while banks can offer some help to people, ultimately it is down to an individual to work out how to manage their budget.

Once someone has worked out their income, they can then work on something such as a debt consolidation loan, he stated.

He said: "If you look at your monthly outgoings in terms of your debt and the outgoings add up to £600 but your disposable income is £450 then you absolutely could go to the bank and ask to consolidate your debt."

The bank will then be able to inform someone if debt consolidation is possible or not.

A recent survey by Co-operative financial services found that 80 per cent of people are worried about debt relating to credit cards, personal loans or other borrowing.
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