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Credit card charges: Increased reliance on credit products leading to debt

A high proportion of people may be experiencing credit card charges because they rely on credit products such as overdrafts and card loans.

Such is the opinion of Paul Crayston, media officer for the Money Advice Trust (MAT), a charity formed in 1991 to increase the quality and availability of free, independent money advice in the UK.

Mr Crayston was asked why debt has become such a prevalent problem for consumers in the UK.

He said: "There's obviously been increased reliance on credit products, such as credit card loans and overdrafts, which has been a problem.

"The reality for most people [who] get into debt is that they make some sort of credit agreement ... that they're perfectly able to maintain until something happens that they weren't anticipating."

MAT recently revealed that it had experienced a 181 per cent increase in the number of callers seeking advice over fuel debts.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.

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