Consumers 'must avoid credit card temptation'

Posted by Emily Swanson

Britons can employ several tactics in order to avoid the possibility of them slipping into further financial trouble, an expert has said.

In the aftermath of the global economic downturn, many families have found it incredibly tough to make ends meet due to factors such as high inflation causing the cost of essentials like food and fuel to continually rise.

This has resulted in some people turning to lending on personal finance products as a way of boosting their household's monetary situation, but Carole Spiers, chief executive of the Carole Spiers Group, has warned people to be wary when doing so.

The present climate makes it "very easy to slip into debt", the expert explained, but she urged individuals to "avoid taking on extra credit using credit cards" and not live beyond their means.

Meanwhile, should an individual fall behind in their mortgage repayments, it is vital for them to "immediately" talk to their bank, Ms Spiers added. ADNFCR-2353-ID-800781558-ADNFCR

31/10/2011 14:55

News category: Consumer

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