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Loan protection: Map out budget to avoid credit card charges

People can avoid credit card charges by mapping out a budget and consistently spending less than their income.

That is according to Martin Bamford, chartered financial planner and managing director of Informed Choice, a family owned and managed firm of chartered financial planners.

Mr Bamford claims people must change their spending habits to avoid further borrowing.

He said: "The only way to avoid taking out loans and credit cards is to map out your budget, consistently spend less than you earn and create an emergency fund to pay for unforeseen expenditure, without having to resort to unsecured borrowing.

"It is always a worthwhile exercise that will make you wealthier over the longer term."

According to PricewaterhouseCoopers, 2011 looks set to be a difficult year for credit card and other consumer finance providers because the borrowing habits of UK consumers are going through significant changes.

Richard Thompson, a partner at the company, said that January is a time of year when people reflect upon their financial situation and that consumer confidence is weak.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.

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