Keeping an eye on your spending habits can be one of the safest ways to stay out of debt, and we all know that prevention is better than cure. If you are suffering from debt, keeping a track of your budget – and sticking to it – is essential in order to avoid the spiral of debt that could end up costing you a lot more than you originally intended.

Are there any apps and gadgets that can help you manage your finances?

Mortgage lending in the UK remained slow last month, according to the latest figures from the Council of Mortgage Lenders (CML).

Total lending for home loans stood at £12bn in September, the lowest September total since the year 2000.

The CML's figures, which cover borrowing for house purchases as well as remortgaging, were down 1% from August and 7% lower than in September last year, figures that indicate that lending is stagnating after picking up earlier in the spring.

Consumer issues will now be handled by the Citizen’s Advice Bureau after the government committed to axing the Consumer Direct helpline.

Consumer Direct is one of around 190 quangos that will be culled by the coalition government as part of the national spending review, with the Citizen’s Advice Bureau charity now assuming the consumer helpline.

Consumers in the UK are focusing on paying off their debts rather than saving, according to new research.

The Markit UK Household Finance Index found that UK residents were choosing to pay off their current debts rather than lock their cash away in savings and ISAs, except those earning more than £57,571.

Low interest rates, as well as the prospect of large scale job losses in the public sector, increases in VAT and rising inflation, has led a wider focus on debt reduction.

The Office of Fair Trading has warned consumers to stay clear of firms claiming to use a legal loophole to clear debts.

Following an increase in the number of companies claiming to utilise a so-called debt write-off loophole that could render a borrower’s unsecured debts unenforceable, the OFT has published a consumer guide warning consumers.

According to the OFT, companies claiming to help people exploit such a loophole can charge hundreds of pounds in administration fees , even though a judge has found that the loophole does not exist in UK law.