Charles Dickens' famous character David Copperfield received this advice from Mr Micawber: "Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."
This timeless wisdom predates decimalisation and mortgages and people and businesses now commonly factor the cost of borrowing into living within their means.
Sadly, an increasing number of people are not managing to pull off this trick and find themselves in a spiral of escalating debt.
I have teamed up with R3, the insolvency trade body to organise a Debt Awareness drop-in event at my constituency office on 23rd September from 10-1.
This event will focus on how they can budget and manage money effectively without the need for drastic measures.
It is open to local people and businesses struggling with money and debt issues and aims to provide invaluable advice and support so that they can deal with these financial hardships and weather the difficult economic storm.
The event starts with a personal finance workshop which will deal with avoiding and recovering from debt.
A speaker from the respected Citizens Advice Bureau will focus on illegal money lending.
A speaker from R3 will outline possible explanations and solutions for widespread insolvency and underline the dangers of pay day loan companies which charge extortionate interest rates.
The session will help individuals make the most of a squeezed budget and discuss where to seek help if you run into financial difficulties.
The second half of the event is a business workshop which will draw on the expertise of the Federation for Small Business and the North East Chamber of Commerce. It aims to arm local businesses with tools to survive the sluggish economic recovery.
R3 will offer the top ten tips to avoid insolvency, while the two business organisations will offer advice and solutions.
There will be open discussion and private discussions. Every little helps, so they say, in equipping people and businesses to cope with debt issues and all helps to grow the economy.
Please contact me for further information and to register for this free event.
Newcastle Chronicle and Journal
| Promoted by Paul Foy on behalf of Dave Anderson, both of St Cuthbert's Church Hall, Shibdon Road, Blaydon, NE21 5PT |