Think Money

Think Money

February 18, 2011 10:24 ET

Don't Settle for Hard Times-Get Help

Financial solutions company Think Money advises anyone concerned about how they will fare financially over the coming year to take advantage of the help available

LONDON, UNITED KINGDOM--(Marketwire - Feb. 18, 2011) - Financial solutions company Think Money has advised anyone concerned about how they will fare financially over the coming year to take advantage of the wide range of help available. The advice comes in response to a report from Markit which found that households are more pessimistic about their finances than they have been for almost two years.

Research group Markit found that household finances have deteriorated at the fastest pace since April 2009, with high inflation, growing debts and increased costs of living all taking their toll.

Available incomes have also shrunk, meaning fewer people are saving and those that do are saving less, the report adds.

An expert at Think Money commented:

"Although we have seen improvements in the economy over the last year or so, a lot of people are still struggling - and there are signs that things could get worse. The recent VAT rise and increases in the cost of home energy and petrol have all had an impact, and there are fears that the economy could head back into recession.

"This should come as a warning for people to do what they can to protect themselves. Simple measures like putting together a budget, saving more or cutting back where possible could put you in a better position for the future.

"Markit's survey also pinpointed debt as a major concern for a lot of people, so taking steps to repay outstanding debts may also be a good idea. Those who find themselves unable to manage their debts might want to talk to an expert about finding an appropriate debt solution, such as a debt management plan, an IVA [Individual Voluntary Arrangement] or even bankruptcy.

"But it's worth remembering that there is help available for all kinds of circumstances. Even those who feel they are managing their finances well could benefit from advice on budgeting and saving money, which could be increasingly important if economic conditions worsen over the next few months."

Notes to Editors

Think Money is one of the UK's leading financial solutions providers, delivering a comprehensive range of financial solutions, including loan, insurance and banking solutions.

Think Money defines its mission as 'To educate, rehabilitate and advise on all aspects of financial management'.

For more information, visit the Think Money website at http://www.thinkmoney.com/.

Think Money debt management section: http://www.thinkmoney.com/debt/debt-management/

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