A leading debt management services company has this warned that credit cards can often mask real debt problems.
(prHWY.com) February 24, 2013 - Brandon Way, United Kingdom -- A leading debt management services company has this warned that credit cards can often mask real debt problems. Kevin Fielder from UK Money Solutions - a Birmingham-based debt management and debt consolidation services provider - warned of the telltale signs of credit card mis-use this week.
Kevin said "Most of us find credit cards very useful - they are more secure than carrying large amounts of money with us and they help spread the costs of larger purchases. However, when credit cards become part of meeting day-to-day expenditure then alarm bells should ring."
Credit Action, the National Money Education Charity, reported in Dec 2012 that the average consumer borrowing (including credit cards, motor and retail finance deals, overdrafts and unsecured loans) per UK adult was £3,190 in December. This is up from £3,173 in November.
Kevin continued "This month - when people are looking at the final credit card bill for their Christmas expenditure - we are asking people to look out for the tell-tale signs of credit card abuse. Many UK debt management companies report that this abuse can soon lead to a build up of debt."
'Tell-tale' signs that might trigger concern include:
* Using the credit card to pay for daily expenses like food, energy and transport because there is insufficient money to pay for these items.
* Only ever paying the minimum repayment amount
* Adding new cards or adding an extra cardholder to gain more credit
* Constant transferring balances between card providers.
Kevin continued "Relying too much on credit cards is a sure sign that your income is not covering your outgoings and this can only mean you are falling into more and more debt. Tackling outgoings will help prevent a slide into ever greater debt levels, which can quickly spiral out of control."
Formed in 2005, debt management company UK Money Solutions have become a leading UK debt management company offering planning and debt consolidation services. They are recognised pioneers within the sector. A large amount of their work involves handling claims for mis-sold PPI on behalf of their clients.
If you are worried that you might be mis-using your credit cards to mask debt, or are worried about any aspect of debt further details of the company's services can be found on their website at
www.ukmoney-solutions.com.
For More Details visit us at:
UK Money Solutions
Floors 2, 3 and 4
Murdoch Chambers
Birmingham
B4 6PH
Website:
http://www.ukmoney-solutions.com
Telephone: 0121 236 4843
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