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Credit card charges: Online financial advice can be 'dangerous'

Britons could be more likely to be eligible for credit charges if they use financial advice found on the internet, according to an industry expert.

Justin Modray of expressed his belief that, although the internet has made financial information more accessible, UK consumers should not use it in place of professional help.

"The biggest danger is that most financial information websites - including the Financial Services Authority's own money advice website - are unregulated, so there's no comeback if you receive bad or misleading advice," he said.

"Plus some companies, particularly debt management firms, put up websites that look like information resources but are little more than an advert for their services."

Nearly half (43 per cent) of consumers ask friends or family for help with decisions about their finances, according to Aviva's recent Value of Financial Advice report.

Furthermore, the survey revealed that 95 per cent of people who have visited an independent financial advisor feel they have benefited from the experience.
Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt. ADNFCR-2776-ID-800601187-ADNFCR

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