Credit Action: Running up debts now more difficult

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It is now more difficult for consumers to run up huge plastic card debts unchecked, according to Credit Action.

Chris Tapp, director of the money education charity, said it is harder now to get a credit card than it was a couple of years ago.

Many banking groups have now acted to prevent anyone other than their own customers from using their cards, he explained.

"We are still seeing a squeeze on credit even in that area," Mr Tapp commented, adding: "What we don't want to see is, as banks do become more willing to lend in the coming months and years, that we'll get back into the same old habits that we've been in for years and years."

He said it is important that people are not too reliant on being able to borrow in order to fund their day-to-day living.

Offering free debt advice recently, goodtoknow.co.uk suggested that all households form a budget to limit expenditure, especially as the Christmas period approaches.

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Tags: free debt advice , education charity , card debts , christmas period , money education , tapp , old habits , squeeze , households , banks , consumers , christmas , budget , credit card , cards ,

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2009-11-02 15:40:42 © Moneyextra.com