Being sensible prevents need for debt relief, says Fair Investment Company

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Being sensible prevents need for debt relief, says Fair Investment Company

Tue 24th Aug 2010

Consumers have been urged by the Fair Investment Company to be sensible when considering whether to take out a credit card.

Spokesperson for the organisation Rachel Mason pointed out that people should not take out such products just because they are offered them.

In her opinion, it is up to customers to decide if they can afford to borrow money and how long it might take them to pay it back, although she accepted that credit card providers must share the blame for some individuals getting into financial difficulties.

"Many people see these cards as free money and start using them for everyday spending and find they are going over the zero per cent period and being hit hard by high interest rates," said Ms Mason.

Her remarks were made in response to research by moneysupermarket.com, which indicated that there is renewed competition in the credit card market, with interest-free promotional periods hitting record highs.

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