Debt needs a personal approach, claims expert

All individuals need to approach their money problems differently, an expert has told those seeking payday loans.

David Rodger, managing director of the Debt Advice Foundation, explained that there is no one-size-fits-all solution and the best response to money issues often depends on personal circumstances.

"Bad debt advice can cause the situation to get worse, so it's important to get independent advice from an expert," he said.

Debt charities should be the first port of call of those wondering how to cope with debt, he added, claiming that there is a huge variety of options including bankruptcy, debt relief orders and loan consolidation.

The amount owed, employment status and whether someone is a homeowner or not will all have an impact on which solution is right for the individual, Mr Rodger said.

This opinion was echoed by Neil Munroe, external affairs director for Equifax, who added that there are many options for people in financial difficulty.

Moneyextra.com recommends you take independent financial advice before acting on any article

Back

2011-08-09 12:57:41 © Moneyextra.com