Personal finances 'must be kept under control'

Many Brits are struggling with the rising cost of living, which can make it difficult to stay in control of personal finances.

It is vital that people in this position stay in control of the situation and setting up a strict budget plan is recommended.

Taking out a credit card could be a positive action, as plastic can be a very effective aid to money management when used properly.

Furthermore, savings can be made by being fully aware of all income and outgoings, as research from Unbiased.co.uk found individuals pay out £12.6 billion in tax that they could claim back if they were sufficiently aware of the state of their accounts.

General organisation is a good way of resolving a bad credit rating, as considerations such as paying bills on time and sticking to a card limit can both build credit history.

This extends beyond concerns that are directly related to finances, as registering to vote is essential for those who wish to apply for credit - those who are not will find their application can be overturned.

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