Britons' Misuse Of Credit 'Resulting In Debt'
Britons are still struggling to fathom how to take advantage of the availability of credit without spiralling into debt, it has been revealed.
The Consumer Credit Counselling Service (CCCS) says that as credit is "here to stay", the importance of learning how to use credit properly cannot be stressed enough.
"Something like between four and eight per cent of people who take out credit will get into difficulties, which is a small proportion, but obviously a huge number of people…Debt causes a lot of problems: it's an emotional problem as well as a financial problem," the financial advice charity's spokesperson Frances Walker said.
According to Ms Walker, around half of all consumers who have sought advice from the (CCCS) are forced to do so as a result of the misuse of credit.
However, she apportioned much of the blame for this to the consumers themselves, and praised lending companies for improving their practices.
The remaining 50 per cent of Britons who request aid from the CCCS do so through no fault of their own, Ms Walker added, with examples such as divorce, separation and ill health provided.
Source: fool.co.uk
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