Increasing need for credit card help

Thu, 13 Dec 2007

The number of people with credit card problems is "continually increasing", according to one expert.

James Falla, director of Thomas Charles and Co, said that there are probably more people looking for help with their finances than at this time last year.

Many people do not actually know the rates they are paying on their credit cards, with most having taken the credit cards they were offered, he explained.

"Very few people, in my experience, would consider the actual rate of interest on the card, which obviously is not a very good thing," he commented.

Mr Falla also suggested that some consumers are taking out credit cards to "supplement their income" without considering how they will pay the money back.

According to figures produced by Credit Action, the UK's total personal debt stood at £1,391 billion at the end of October.

The organisation noted that personal debt increased by £122 billion over the course of the previous 12 months.
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