Caution ‘is key with credit cards’

Being savvy with when and where they use plastic is absolutely crucial for consumers with credit cards in the aftermath of the global economic downturn, an expert has said.Following the recession, an …

Being savvy with when and where they use plastic is absolutely crucial for consumers with credit cards in the aftermath of the global economic downturn, an expert has said.

Following the recession, an increasing number of Britons have been forced to borrow through either the best credit deals on the market or via a  in order to make ends meet.

However, according to Justin Modray, spokesman for online resource Candid Money, it is essential for individuals to be cautious in terms of how they use such products.

Mr Moday explained that “credit cards can become a prohibitively expensive way to shop and risk sending you into a descending spiral of debt”, meaning they should be handled with care.

He went on to urge consumers to “think twice” if they become tempted to use plastic to splash out on an item they cannot really afford.

This comes after Liz Dunsocmbe of Credit Action called on people to read the small print before committing to any borrowing.

Meanwhile, conducting research is vital before committing to a , it has been said.

Britons searching for the best credit deals must be wary of the finer details when signing up for any such product, an expert has said.

In the wake of the recession, a growing number of people have to resort to borrowing on credit cards or personal loans in order to make ends meet but, according to Liz Dunscombe, director of partnership development at Credit Action, these individuals should err on the side of caution.

Ms Dunscombe explained it is vital to conduct in-depth research before committing to any deal due to the potential issues that could arise later on if, for example, consumers miss a repayment.

“Whenever you’re taking out any form of credit you just need to look at the small print as carefully as you can and do your homework,” she advised.

Research published by Aviva on August 17th revealed that 63 per cent of people have been forced to lend money from their family in recent times.

In related news, individuals with concerns over debts they have accrued on credit cards or  personal loans may be well advised to discuss their situation with someone, an expert believes.

Throughout the global economic downturn, many Britons have found it tough to make ends meet with just their  balance, leading them to resort to borrowing cash.

This has resulted in a large number of consumers becoming anxious about the money they owe, but, according to Terri Bodell, the self-titled Stress Doctor, having somebody trustworthy to confide in can help ease such worries.

Research published last week (August 25th) by the Money Advice Service established that 76 per cent of people equate feeling good about their finances to having a positive outlook on life in general.

And Ms Bodell insisted that “financial security is important”, as it enables individuals to remain relaxed about how they are going to pay for bills and other essentials.

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