RUNCORN, England — Topping the to-do list in the beginnings of a new year are resolutions such as quitting smoking or losing weight. Improving our physical state is always a high priority, but while we are taking the time to improve our waistlines should we also be spending some time on our wallets? With almost 30,000 people predicted to become insolvent in the first three months of 2007 experts are recommending taking the time to perform a personal financial check-up to ensure that our financial bodies are also running smoothly.
Steve Rhode, chairman of the not-for-profit financial crisis centre Myvesta UK, said that now is the perfect time to give yourself a health assessment of the financial kind with copies of your latest bills and credit reports. Mr Rhode said:
"As the bills from your holiday shopping are arriving, set them aside and keep them separate from your other debts. If there are seasonal expenses mixed in with other purchases on your credit card bills, make a mark on the bill next to each purchase to distinguish one from another. By adding up all of your holiday purchases separately you can figure out exactly how much you spent last Christmas and can start planning now for the holiday season in 2007."
"After determining how much Christmas in 2006 cost you, it's time to determine exactly where your financial body stands as a whole. You need to view your credit reports and verify all the information contained on them. Your credit report should give you an accurate view of your credit history as well as information regarding how much you owe. Any incorrect information should be called to the attention of the credit reference agency reporting it, otherwise you could be paying for their mistakes with higher interest rates than you deserve."
More information regarding credit reports can be found on Myvesta UK's web site at Myvesta.org.uk. Individuals can order copies of their credit reports on the site or view Myvesta's free Credit Report Video Series. More than 60 on-demand videos are available in the series, which answers common questions about credit reports and the credit reporting process in the UK.
