Debt advice 'sensible for those struggling with credit cards'

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Consumers who can only afford to make minimum monthly repayments on credit cards may have debt problems, it has been suggested.

Writing for lovemoney.com, Rachel Ronson said these are set at "ridiculously low" levels, meaning consumers who are struggling to service loans should potentially be seeking help with debt.

She commented that consumers who can only pay the minimum amount will take a long time to pay off their credit card debt in full.

"Not only that, but you'll end up paying far more in interest before you clear your balance," Ms Ronson added.

Facing up to these problems can be really hard, she noted, but they will not simply go away if left unsolved.

"Unfortunately, it doesn't work like that, and the longer you ignore your debt problem, the worse it will get," she added.

Last week, Credit Action director Chris Tapp claimed that many consumers remain reliant upon borrowed finance to fund their daily living.

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Tags: service loans , credit card debt , action director , ronson , director chris , debt problem , tapp , debt problems , repayments , credit cards , consumers , long time , finance , credit action ,

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2009-11-04 14:53:05 © Moneyextra.com