A large number of people living in the UK are currently finding it increasingly difficult to keep on top of their financial situation, following the credit crunch and subsequent economic slow down and many individuals are starting to fall behind with the repayments on their homeowner loan, or other secured loans.

With Christmas now looming on the horizon, many people who have seen their disposable income deteriorate over the course of the last twelve months are starting to panic about how to pay for their family gifts and celebrations and are looking for various ways to raise enough cash to be able to make ends meet.

With this in mind, the Consumer Credit Counselling Service (CCCS) has issued advice and suitable guidance for those individuals who may be struggling with their secured loan repayments and other debts, to try and help them avoid further financial problems and be able to manage their money more effectively.

Rather than attempting to generate extra cash for short term needs, it is more important for someone to set out a realistic budget planner, taking into account all their monthly committed outgoings such as secured loans, credit card payments, household utility bills and insurances. By cutting back on unnecessary items of expenditure and luxuries, it should be possible for most individuals to balance their finances and continue to keep up with their essential outgoings over the longer term.

The CCCS has advised people who are looking to make cuts in their expenditure not to cancel any income protection policies or life insurances they may be contributing to currently, as these should be considered as essential items, especially in financially uncertain times. People should also check to see if they have any entitlement to things such as tax credits or other state benefits and if they are already receiving these, to make sure they are receiving their maximum allowance.