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Citizens Advice is urging people to start the New Year with good resolutions to manage their money.
Last year Citizens Advice in Northern Ireland dealt with over 54,000 new debt problems and people are paying a high price for being ill-informed and lacking in confidence when it comes to making crucial financial decisions. That debt hangover from Christmas could well turn into a nightmare if people ignore it. So here are a few tips from CAB:
If you are considering taking out a loan make sure you shop around and get the best deal.
Be wary of consolidating your debts, get good advice and don’t put your home unnecessarily at risk.
Money Advice Development Officer Scott Kennerley said:
"All too often we see people when they've already reached crisis point or can no longer cope with their debts. The pressure to consume has created a perception that in order to enjoy Christmas you have to spend big, which for many us means resorting to credit.
"If so, Citizens Advice would recommend that people shop around for the best deal and get advice if your finances are over stretched."
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