Debt problems: don’t rely on credit
03/02/2011Debt problems can easily mount up if consumers are relying on credit cards as their one and only financial failsafe.
That’s the verdict of the head of marketing for protection providers Scottish Provident, who thinks its important that customers give some consideration to personal protection cover.
Susan Barclay asserts this would mean cover would be in place should the main breadwinner of the household be unable to work.
She says: "Britons without any emergency savings who would rely solely on credit cards in a time of financial emergency would only be able to maintain their current standard of living for just five months."
She went on to explain that this would be incredibly difficult to handle on top of mounting debt problems.
With the habit of maintaining a lifestyle above the genuine means that consumers have so often funded by using credit cards, Ms Barclay advised people consult debt advice professionals about breaking the habit through debt solutions.
Ms Barclay was speaking in reaction to the news that the Post Office revealed 11.5 million people turned to plastic in order to make everyday purchases.
Debt Expert kevin Still says: "There is strong evidence from our sister company MoneySave Financial Solutions that many people end up with serious debt problems because they haven’t taken out adequate protection to cover essential expenditure like the mortgage, council tax and utility bills. In the event of a major loss of income then it is all to easy to get into a debt spiral and we would recommend taking professional debt advice at an early stage when it is clear that household bills can’t be met." 
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