Latest updates
2 January 2007
Start the new year with a debt detox, says Cambridge CAB.
Cambridge CAB is urging people to start the new year with good
resolutions to manage their money.
Last year Cambridge CAB dealt with over £8 million of debt
problems and people are paying a high price for being
ill-informed and unconfident when it comes to crucial financial
decisions. That debt hangover from Christmas could turn into a
nightmare if people ignore it. So here are a few tips:
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If you are considering taking out a loan make sure you shop around and get the best deal.
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Be wary of consolidating your debts, get advice and don’t put your home unnecessarily at risk.
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Plan to build up an emergency savings fund.
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Shop around for the best savings rates and check regularly that it is still the best deal.
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Check out tax efficient ways to save money like cash ISAs.
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Be wary of low interest credit card transfers. Check the terms and conditions carefully.
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You may be losing money by sticking with your existing bank, shop around, it’s simple to change.
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Don’t automatically renew your car/holiday/house insurance without comparing prices.
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Check that you are not missing out on money that you should be getting in benefits or tax credits, tax rebates or allowances. The CAB can help to check this for you.
Gary Greaves, Head of Specialist Caseworkers said:
‘All too often we see people when they’ve already reached crisis point
or can no longer cope with their problems. Yet by carrying out a regular
finance overhaul and taking some preventative measures many problems
could be averted before they become crises.
Traditionally people make New Year’s resolutions to change bad habits
and we’re just urging people to do the same with their finances.’