Grantham-based free debt advisor PayPlan has launched a new online resource in an attempt to encourage more people to get a tighter grip on their finances.
“Diagnose Your Debt” is a calculator that allows individuals to assess how well they are currently managing their money. By asking a series of “yes” and “no” questions about spending and lifestyle habits, its aim is to highlight potential issues before they become a problem.
PayPlan’s CEO Rachel Duffey said: “Our own research has shown that 91% of people say they feel stressed about their finances.
“We developed Diagnose Your Debt to warn people about the early signs of debt. Being able to recognise issues early means problems can be solved more quickly. As an industry, we should be taking a more proactive approach to offering support at the earliest possible opportunity, not just when consumers have reached breaking point. The sheer volume of people using the calculator in the last two weeks shows there’s a very definite need.
“Our questions centre around the most common debt warning signs so this tool will help consumers pinpoint how well they’re managing finances. If our tool highlights they’re struggling, we will offer tips and advice to help regain control of debts – whether that’s an article showing how to create a successful budget or whether that’s recommending they speak to a free debt adviser.
“We’re working alongside a number of regional newspapers and online news resources to show that living with debt is a problem that a large percentage of us face.
“However, we’re aiming to spread the message that there’s help available and that the all-important first step is recognising potential problems”.