Addidi highlights importance of debt relief

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Addidi highlights importance of debt relief

A finance expert from financial planning and wealth management firm Addidi has underlined the significance of getting rid of unnecessary debts.

Anna Sofat, founder of the company, explained that debt from unsecured credit can become a "real burden" for people and affect their everyday finances.

In her view, there has been a real change in the way individuals are paying for more expensive items, as they are thinking twice before taking out a loan.

She explained that borrowers are beginning to consider how they might pay back certain debts and then applying for a product if they feel they are in a strong enough financial position.

Ms Sofat suggested that the last ten years or so have seen a "buy now pay later" culture emerge, but this pattern has reversed recently, as a result of the difficulties people are encountering when they try to borrow money.

Her comments were made in response to a study by uSwitch, which showed that 'shopaholic' women are using a combination of credit cards, overdrafts and other unsecured loans to make purchases.

The report also indicated that it takes such females more than seven months to pay off their debts.

"If they default on these loans then it will be shown against their credit history and it can take a long while to get a clean credit history again," explained Ms Sofat.

In her view, unsecured debt often gets to difficult levels when credit is easy, but she claimed that, since 2008, such cash is much harder to come by.

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