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Budgeting 'key to handling debt'
Consumers who are struggling with debt should consider spending more time budgeting, according to an expert.
Ed Bowsher, head of consumer finance at the website lovemoney.com, said having a handle on where money goes is the best way to begin to take control of financial issues.
In comments which may interest those seeking debt consolidation loans, he explained that people should dig out old bills and payslips, while also noting down any expenditures they make over a month.
Mr Bowsher added that people should then see the unnecessary purchases they can cut back on, which in turn will help to reduce their debt.
He added: "Another good trick is give yourself pocket money for fun stuff like going out.
"When you've used up your monthly allowance, that's it, you can't spend any more that month."
Recent figures published by Credit Action revealed that secured lending increased by £1.2 billion during December 2009, while total UK personal debt stood at £1.4 billion.