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Credit card charges: People 'ignorant' of finances

Consumers who have been hit with credit card charges may be "ignorant" of their finances, as an expert has said that in general, people are uninformed about money matters.

Jonathan Davis, an economist and managing director of Jonathan Davis Wealth Management, a financial advice service, explained that he has seen surveys where people say their first point of call for financial advice would be their bank.

He said: "[This] is crazy because the bank is only there to sell [rubbish].

"It hasn't come into their heads that banks are sales organisations. I still hear the phrase 'how the bank can help me'. The bank doesn't help, the bank sells. But this is still what people perceive."

Mr Davis also notes that he does not recommend people go to their parents for financial advice, as they are not in the same demographic, so are not in the same situation as their children.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.

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