Getting debt advice could become increasingly difficult

It has been suggested in a recent report that getting debt advice could become increasingly difficult in the near future for the many consumers in the UK that are struggling with their debts and looking to seek professional advice and help. Read more

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Mortgage holders told credit cards ‘not necessarily a bad thing’

People with mortgages who use credit cards to make sure they meet repayments are not necessarily doing the wrong thing.

According to the director of Debt Advice Bureau, Stephen Rose, some people have more or less paid for a house with the help of a credit card and “they’ve done very well”.

“If somebody is paying considerably less on their credit card than they are on their mortgage then it’s a good thing, but if they are paying more on their credit card than they are on their mortgage then it’s a bad thing,” he said.

A recent survey published by Shelter magazine ROOF showed that over a million people have used a credit card to pay off their mortgage or rent in the last year. This figure represents six percent of the population repaying mortgage loans or rent.

The Debt Advice Bureau is a not-for-profit organisation that gives information to residents in the UK concerning their debt issues.

The bureau sees around 4,000 people every month, giving them impartial advice on their problems relating to debt.

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Brits urged to borrow sensibly

British consumers are being encouraged to make sure that they only borrow what they can reasonably pay back.

Debt advice firm Thomas Charles is calling upon Britons to take control of their finances following the expensive Christmas period.

The company says January and February are some of the worst months for consumers when it comes to falling into debt.

This is put down to over spending during the festive season and often results in people borrowing more money to see them through the difficult period.

James Falla, director of Thomas Charles, says consumers need to ensure that they are only borrowing money which they can afford to repay.

“If you are taking a loan, then you should know full well that you have to pay back an amount every month,” he said.

Consumers are also advised to take a proper look into the best ways of borrowing money and see which method is best suited to their circumstances.

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