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"Consumers struggling with credit card debt advised to get professional help"

By admin | August 31st, 2009 | Credit Cards

In the current financial and economic climate an increasing number of consumers are struggling to keep on top of credit card and other debts, and this has led to a steep increase in default levels.

Rising unemployment has added to the chaos in this area, and loss of income for many people has meant that they have been unable to make repayments on credit cards and other debts, leaving them in financial distress and facing a very uncertain financial future.

Officials from a national debt charity, Money Advice Trust, have recently said that it is important for consumers that find themselves in this situation, where they cannot afford to make repayments on their credit cards and other debts, to seek professional advice as quickly as possible so that measures can be taken to minimise the adverse effects of missing repayments.

The charity said that many people have already realised that this is an important step, and it has seen a sharp rise in the number of calls it has been receiving from struggling consumers.

One official from the charity stated: “If you are worried you might be getting into difficulty and you feel a drop in income might be on the horizon or are anticipating problems coming up, it is vital you get help earlier rather than later.”

She also said: “When getting debt advice you need to know about everything including the pros and cons and you need to get complete information on how all options of debt handling are going to affect you.”

In a separate report the International Monetary Fund has warned that Britain, along with other European countries, is heading for a severe credit card debt crisis, with defaults set to rocket as a result of rising unemployment levels.

Tags: credit card debt, Money Advice Trust, credit card repayments

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