Mint Financial Services: If consolidating, cut up your cards
www.moneynews.co.uk > Debt > Mint Financial Services: If consolidating, cut up your cards
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Mint Financial Services: If consolidating, cut up your cards
Wed 8th Aug 2007
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Adrian Kidd, spokesman for the advisor network, said his "main" recommendation for people who are successful in applications for unsecured consolidation loans would be to abandon their cards.
By carrying on applying for credit, Mr Kidd argues, people are putting off paying back capital and could also be damaging their credit score.
"I think the biggest concern, or mistake, is that people will tell themselves that they'll chop their cards up, but in two or three years time they could well be in the same scenario," he explained.
"They'll never really make any progress."
The comments come after recent research by fool.co.uk found that while a quarter of those who take out debt consolidation loans clear their debts early, a third manage to owe more.
Related News : Debt |
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Related News : Mint |
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