Indebted 'should seek debt alternatives'
Published On 16 December 2007
People who are struggling to manage their debts over the Christmas period should consider whether taking on more credit will help or whether they should seek help.Iain Wrenshall, director at debthelpuk.co.uk, said that when more credit is not available people should seek professional advice.
"People have to realise that when they reach that point, they have to ask for help, and that borrowing more money to get out of debt ceases to be a viable option," he said.
"Generally, people ignore the root of the problem … they are usually spending more money than they are able to earn. As they lean more heavily on credit, their ability to afford more credit diminishes."
Mr Wrenshall added that often people don't realise facilities such as IVAs and other "non-borrowing options" are available as alternatives to taking on more debt.
Recent research from Money Expert revealed that one in ten credit card customers haven't cleared balances run up during last Christmas. Apacs expects £11.7 billion of spending to be put on plastic this festive period.
