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Making the best of the Budget!

12 March 2008

Melanie Mitchley, Director of Industry Relations at Callcredit, comments "As Darling announces his first Budget and consumers digest what emerges from the red brief case, it is essential that they take into account the slump in disposable incomes and increasing levels of debt when considering future spending. The latest figures from Philip Hammond, shadow Treasury chief secretary, reveal that the disposable income of the average working family has dropped from £26,200 in 2006 to £25,900 today, whilst UK personal debt is growing and stood at £1,412bn at the end of January. In the current financial climate consumers may feel like they are being squeezed from all sides with growing mortgage repayments and increased taxes on alcohol and motoring”.

Mitchley advises consumers; “The announcement of the new Budget is the ideal time to tackle your situation head on and make a fresh financial start. Don’t bury your head in the sand! This is the perfect opportunity to take control of your financial situation. Simple steps, such as checking your credit report and knowing exactly how much you owe, can help you manage your money more effectively.”

Callcredit’s Better Budgeting Tips

• Don’t bury your head in the sand – take control of your financial situation by checking your credit report for a full picture of your financial situation
• Consider exactly how much you owe before taking on more credit – make a budget and stick to it
• If you find yourself in financial difficulty contact your lenders or a consumer credit organisation such as the Consumer Credit Counselling Service to discuss your situation

  About Callcredit:

  • Callcredit (www.callcredit.co.uk) is the UK's most innovative, state-of-the art credit reference agency, with an extensive range of information and value added services for businesses and individuals.
  • Callcredit check (www.callcreditcheck.com) is the consumer arm of credit reference agency Callcredit, providing consumers with instant online access to their credit report and services to help them monitor their credit status.
  • Callcredit has harnessed state-of-the-art information technology with an unrivalled knowledge of the industry's needs to develop a range of innovative information solutions. Solutions that are enabling major lenders and a host of other blue chip companies to address regulatory requirements, make better credit decisions, target new customers more effectively and manage existing customers more profitably.
  • Callcredit is one of six core businesses that form the Callcredit Information Group. The other five are:
    • Database management company EuroDirect
    • Market analysis firm GMAP Consulting
    • Online payment service provider, Legatio
    • Scorecard development and affordability assessment specialist DecisionMetrics
    • Marketing services and database specialist, Broadsystem

    For further press information contact: Jane Fordham, Katie Moore or Sophie Smith at the Callcredit Press Office on 0207 067 0600 or callcreditpr@golinharris.com

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