Financial Services > Credit Cards > Credit Cards News

MyCallcredit issues mortgage and credit card debt advice

Mon, 22 May 2006

Online credit agency MyCallcredit has advised consumers who are struggling with their debts on products such credit cards and loans to tackle the problem sooner rather than later.

Alison Nicholson, the director of MyCallcredit, states: "People need to manage their finances and prioritise their debts to make sure their homes are not at risk and they don't feel the only option left to them is bankruptcy."

Ms Nicholson also adds that "bankruptcy stays with someone for life and is by no means an easy option".

Her comments follow research from the Council of Mortgage Lenders which, according to the credit reference agency, suggests that mortgage arrears increased by 20 per cent during 2005.

However, struggling with debt isn't limited to mortgages, as MyCallcredit also highlights research from the Financial Services Authority that shows three million people cannot "keep up" with their credit commitments.

As such, the online agency has provided several pieces of advice to help consumers with credit cards, loans and mortgages manage their personal finances.

These include cancelling credit card facilities, request spending limits on credit cards are reduced and to get in touch with mortgage lenders if people are unable to make mortgage repayments.

MyCallcredit also warns consumers: "Do not ignore debt as it will not go away on its own."

The advice follows reports that the Consumer Credit Counselling Service is finding rising levels of problematic debt within middle class households. The Daily Mail reports that the charity witnessed a 257 per cent rise in requests for assistance from people in this income group.

add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

Choose a credit card

Choose the perfect card

Choose the right credit card for you and apply with confidence.

Choose a credit card