'Sort out car insurance in an annual budget'

Posted :09-01-2008

The best way to take control of finances such as car insurance is to sit down and work out a budget, according to the Consumer Credit Counselling Service (CCCS).

Frances Walker, a spokeswoman for the CCCS, states that doing things in such a fashion means that consumers can take into account different financial products and services that they are involved with.

"You need to do an annual budget and then divide it by 12, so that you take account of things that come in quarterly or your car insurance that comes in annually," she explains.

If consumers elect to seek advice on the matter, Ms Walker advises them to speak with a debt counselling charity as banks may just recommend a single consolidatory loan, when other options may be available.

According to figures from Credit Action, which were updated on January 4th 2008, the average UK household owes £56,234, if mortgages are taken into consideration.


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