Secured loans and addressing existing debt
22/04/2008With some people turning to secured loans as a solution to consolidating their outgoings, one expert has advised that debt is a matter that should not be swept under the carpet.
According to a spokesman for The Motley Fool, an independent group which offers advice on financial matters, consumers should seek help if they feel they are struggling under the weight of debt.
David Kuo, head of personal finance at the company's website Fool.co.uk, said that very often people continue to run up bills with high interest credit cards to pay off their debts and what they need to do is address what they already owe.
"One of the dangers that people have is they think they can solve the problems themselves. They think they can hide the problems and use their credit cards that little bit more when in actual fact they haven't addressed the initial problem at all," he said.
Figures released by moneysupermarket.com this month revealed that around half of UK consumers have never checked their credit report to look at their financial health.
 © Adfero Ltd
<< Back to News page
|