Debt becoming “a way of life”

Borrowers are increasingly in need of debt consolidation advice as debt becomes “a way of life”, it has been claimed.

The Finance and Leasing Association (FLA) is advising people to take steps to get advice on managing their finances as soon as possible.

And it has identified charitable organisations such as Citizens Advice, the Consumer Credit Counselling Service and National Debt Line as organisations that can help.

Helen Saxon, spokesperson for the FLA, says that “society has moved into debt being a way of life”.

In a piece of advice for consumers thinking of taking out a loan, she said: “Know what you’re taking on and that you can pay it off.”

Ms Saxon also pointed out that, as personal loans usually have a lower interest rate than credit cards, they can be “a positive move” for someone struggling with this kind of debt ñ provided they do not run up the debt again.

In related news, the government last year announced plans to set up a free national financial advice helpline to advise the increasing number of people that are struggling with debt.

© Adfero Ltd

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