Free, impartial advice is key to debt concerns

If people are considering payday loans or worried about the amount of debt they have they need to seek out free and impartial advice, it has been claimed.

David Rodger, managing director of registered UK debt charity Debt Advice Foundation, said that, while ignoring the problem is the worst approach to debt, it is also important to go to someone reputable for advice.

"Registered debt charities such as ours, provide free and impartial advice, so individuals can find out what their options are and decide the best course of action for their particular financial situation," he explained.

People worried about debt may not need to undergo a formal agreement as a range of self-help techniques may be more appropriate but it is essential to speak to someone who will select the right solution.

The comments follow a move by the Office of Fair Trading to cancel the licences of 62 debt management firms in the past year, after a crackdown on rogue operators.

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2011-09-30 13:00:18 © Moneyextra.com