Consumers urged to tackle credit card debt
Consumers urged to tackle credit card debt
Friday 23rd January 2009
According to the Thrifty Scot, many people find themselves in financial trouble due to "impulse buying" on credit and store cards - something which they should avoid if they want to stay out of debt.
The financial advice website recommends leaving cards at home before a trip to the shops and claims that a debt consolidation loan could be a good solution for people with unmanageable credit card borrowings.
Commenting on credit cards, the website states: "It is not an item that you should never leave home without. In fact, you should make it a practice to leave these cards at home.
"This will prevent impulse buying, which is what probably got you into such debt in the first place."
Average new credit card rates have increased from 16.5 per cent to 17.7 per cent since November 2007, despite the base rate falling from 5.75 per cent to 1.5 per cent.
News article brought to you by SimpleIVA – UK IVA specialists.
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