One way for better debt management is to do your banking online so that you can keep a stricter eye one your incomings and outgoings.

According to the Association of Payment Clearing Services (Apacs), online banking is the best way to keep an eye on your accounts which may mean that you find yourself stricter with your spending habits, especially if you are on a budget.

Online banking has become a popular way to manage debt as it offers you easy access to your current account. There has been a 505% increase during the last seven years, with 1 in 2 adults now using online banking services.

Apacs spokesperson Michelle Mayer said: “I think what it will do is give people an exact picture of where they stand, which is always a good thing if you are trying to manage your budget. Having access to your finances whenever you want and seeing what is going in and coming out puts you in a good place.