UK - New product tells you when you are getting too indebted. DEBT CRISIS BRITAIN GETS THE MESSAGE 19th November 2007 By Maz Partasides A gadget which texts warnings to big spenders has been launched to solve Britain’s debt crisis. The cash tracker – dubbed the spendometer – fires off messages direct to mobile phones to stop people blowing their weekly budgets. Money experts hope the service will stop Brits spiralling into debt. It works just like a mile-ometer, but clocks up how much money is being handed over. Users will be able to see at the touch of a button exactly how much they are forking out on food, clothes and even booze. Specialist internet site moneybasics.co.uk which is launching the free service reckons it is the perfect way to keep people out of debt. The digital system was devised by charity Credit Action and the Consumer Credit Counselling Service. Credit Action chairman Malcolm Hurlston said: “By making money management easy with mobiles, we hope to help millions keep better control of their money.” The launch comes as it emerged 30% of earners lie to partners about their cash. And 44% conceal how much purchases cost, says a poll by Cater Allen Private Bank. ----------- MONEY BASICS - ON YOUR MOBILE A new device to help young people stay out of debt is being launched. The Moneybasics Spendometer helps mobile phone users to budget on the go via their handsets. Users enter their target maximum weekly spend which can be broken down into categories such as lunch, coffee, toiletries, clothes and alcohol. Any money spent is then entered by category into the Spendometer application, which is downloaded and stored on mobile phones. The Spendometer sends a text message alert if the user goes over their personal spending limits. Malcolm Hurlston, chairman of the charity Credit Action, said: "By making money management easy with mobile phones, we hope to help millions to keep better control of their money." The Spendometer was created by Credit Action and the Consumer Credit Counselling Service with investment from financial services company GE Money. The mobile phone application can be downloaded for free from the moneybasics.co.uk website onto handsets which have internet access. It is then stored on the mobile phone where it can be called up when the user wants to enter their spending. ID: 40716 Author(s): SCR Publication date: 19/11/07

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