Debtors urged to get credit card advice
By UK CreditCards.com
Using free advice services can help people avoid serious fallout from their credit card debts, an October 12 report showed.
Several case studies were brought together by organisations including Citizens Advice, Youth Access and the Law Centres Federation to mark the beginning of Advice Week 2009, which runs until October 18.
In a statement accompanying the report, the groups said that the earlier a debtor got in touch, the more advisers could do to alleviate the problems.
Citizens Advice put forward the case study of a Derbyshire resident who shared his money concerns with his local branch after being made redundant. The organisation guided him through voluntary bankruptcy and helped to secure him a £2,000 grant from the Royal British Legion.
David Harker, chief executive of Citizens Advice, said: "Even people at crisis point -- for example people facing a court hearing for repossession of their home -- can find their situation swiftly improved if they seek advice."
Latest data from the Bank of England shows that Britons made net repayments of consumer credit worth around £100m over August 2009. This includes money owed on credit cards and personal loans.
Published: 16 October 2009
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