Taking control of finances could reduce debt problems

Wed, 23 Nov 2011

Taking control of their finances could be the most important step individuals make in their efforts to reduce their debt worries.

This is because Martin Bamford, managing director and chartered financial planner at Informed Choice - a family-owned firm of chartered financial planners that was established by Nick and Andrea Bamford in 1994 - has claimed being proactive is the main message his company has been promoting to its customers.

Mr Bamford noted taking control of money matters can be a scary prospect, especially when people are so worried about their circumstances that they do not want to take a proper look at their financial situation.

The industry figure pointed out individuals often take up a position of almost voluntary ignorance on the matter, explaining: "They will leave bank statements unopened in envelopes, they wouldn't dare to look at the latest credit card bill et cetera."

He added people might be scared matters may be worse than they really are, while thinking about debt issues does not tend to be particularly enjoyable, as budgeting can prove to be a dull exercise for many.
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