Social media debt warning

Confused.com has warned that using social media sites like Facebook and Twitter could see people driven into debt due to burglary or increased home insurance premiums.

This comes after a burglary ring in New Hampshire stole $100,000 worth of goods from 50 homes, after discovering whether the owners were in or not through location services on the social media sites.

If this trend continues in Britain, more people could end up needing debt solutions, even if they are not burglary victims themselves, due to higher insurance premiums.

In turn, this increases the risk of more people not bothering with home insurance at all, which may save money in the short-term, but could leave homeowners needing debt help if any problem occurs at their house.

Director of Atlantic Financial Management Kevin Still says, "Social networking has opened all sorts of doors to the risks of fraud or debt problems.

Many employers now look up prospective employees on these sites and consumers are becoming far more open with regard to their movements and personal lives, which may be thrown back at you at a later date."

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