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PPI Claim News - 25/1/2010

 
Credit Card Charges: Credit card debt is 'crippling' consumers

Misuse of credit cards is amounting to increasing levels of debt and crippling consumers, a new report suggests.

During January alone, Debt solutions website IVA.com has witnessed a 75 per cent jump in the number of people who have contacted them after being unable to manage mounting debts.

Terry Balfour, financial expert and director of IVA.com, said a reoccurring reason that people are accumulating more debt is through the misuse of zero per cent balance transfers.

Although these can seem like a tempting deal, he said there are a lot of strings attached and people must stick word-for-word to the terms and conditions.

One common mistake is assuming that zero balance transfers automatically offer zero per cent interest rates on purchases, which is not the case.

Any purchase made can in fact cancel out the balance transfer, taking the lender "back to square one".

"Despite the fact that credit cards are the most expensive way of getting by, huge numbers of people are continuing to use them to manage financially and pay unavoidable bills such as the mortgage. It’s the biggest mistake they can make," Mr Balfour added.

For free advice on how to make a PPI ClaimPayment Protection Insurance claim or a credit card charges claim then call Belmont Thornton on 0845 526 0000 or fill in the Quick Claim form to be sent a free PPI Claim pack or credit card charges claim pack.ADNFCR-2776-ID-19575635-ADNFCR



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