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Budget carefully to avoid bank charges

Families must budget carefully if they don't want to end up facing credit card charges as a result of failing to make their repayments.

According to Credit Action, soaring inflation will leave more families facing pressure to budget responsibly.

The debt charity said that households will need to carefully track spending while money is tight.

Joanna Parsley, associate director of Credit Action, said: "It is vital that families are budgeting well, tracking spend, and seeking free and independent help if they need it.

"As inflation rises, family budgets are squeezed and as we know that wage increases are typically not keeping trend with the rise in prices, household budgets are squeezed even tighter."

Those who fail to stay on top of their finances could find themselves facing bank or credit card charges.

According to the latest Family Finances Report from Aviva, there has been a rise in family savings since January 2011, but unsecured debt has also risen sharply among those with children.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.  ADNFCR-2776-ID-800552145-ADNFCR

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