Online banking has "pros and cons"

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Online banking has "pros and cons"

Using the internet to manage finances has its upsides as well as its downsides, according to a leading debt consultant.

Chris Tapp, deputy director of Credit Action, said that online banking makes it easier for people to watch their money as they "can tell exactly where they're up to with their bank accounts at a touch of a button".

However, for more complicated matters, such as comparing loans, the lack of human contact can make things more difficult, he claimed.

"There are risks associated with online banking, but alongside those risks there are big benefits," said Mr Tapp.

Figures released by the British Bankers' Association show that 28,177 people in the UK were registered to bank online in 2006 - compared to 24,307 in 2005.

Credit Action was established in 1994 with a commitment to helping people manage their money through advice and training.

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