Cheap credit must be carefully managed

People have taken advantage of credit cards, which has resulted in a number of consumers finding themselves in debt, an expert told people seeking payday loans.

Yvonne Goodwin, managing director at Yvonne Goodwin Wealth Management, said that while zero per cent credit cards may seem like a good idea, they can lead to debts if people are not careful about how they manage them.

"I think people have taken advantage of credit cards, the zero per cent credit cards, when it comes to an end it just tends to run on with a great rate of interest," she explained.

Ms Goodwin explained to those seeking payday loans that when people find themselves struggling with debts, it is better to get help as soon as possible.

Her comments follow findings in Aviva's Real Retirement Report which revealed that 73 per cent of over-55s fear the rising cost of living in the next six months.

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2011-06-30 13:09:43 © Moneyextra.com