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Charities back cash as means to tackle debt
In the aftermath of Christmas, January often brings difficulties for people who may have overspent in the festive season.
Helpline calls from people worried about debt have surged in January as energy bills rise and credit payments for Christmas spending are due.
National Debtline received 57% more calls in the first two weeks of January compared with the same period last year. The first Monday of the new year was its "busiest ever", according to the Money Advice Trust, which runs the line.
Concerned callers were often behind with energy and water bills and many owed money to family and friends, the charity said.
As many people vow to tackle unmanageable debts this year, several charities have cited using cash as a means to manage weekly spending. Using cash, rather than cards, makes it clear how how much money is coming in and going out, and helps to maintain control.
Using cash for everyday purchases forces people to physically see and spend the money they have on hand, making it more difficult to overspend - compared to using credit cards where the immediate cost might not feel as tangible.
Removing cards from online accounts and deleting personal details saved on retailers' websites is another means of "slowing everything down" and avoiding impulse purchases.
Source : https://www.bbc.co.uk/news/articles/c3rwx31ypy3o
National Debtline received 57% more calls in the first two weeks of January compared with the same period last year. The first Monday of the new year was its "busiest ever", according to the Money Advice Trust, which runs the line.
Concerned callers were often behind with energy and water bills and many owed money to family and friends, the charity said.
As many people vow to tackle unmanageable debts this year, several charities have cited using cash as a means to manage weekly spending. Using cash, rather than cards, makes it clear how how much money is coming in and going out, and helps to maintain control.
Using cash for everyday purchases forces people to physically see and spend the money they have on hand, making it more difficult to overspend - compared to using credit cards where the immediate cost might not feel as tangible.
Removing cards from online accounts and deleting personal details saved on retailers' websites is another means of "slowing everything down" and avoiding impulse purchases.
Source : https://www.bbc.co.uk/news/articles/c3rwx31ypy3o