UK Insolvency Helpline highlights credit card debt consolidation issue

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UK Insolvency Helpline highlights credit card debt consolidation issue

A source from the UK Insolvency Helpline has noted that it has become relatively important to have a credit card in today's society.

Money advice co-ordinator at the company's website Richard Sorsky explained that many people dislike purchasing items with their debit cards because they do not offer the same protection from fraud and insolvency as credit cards.

Mr Sorsky suggested having credit card debt has become normal and those who do not have any can almost feel "ostracised".

However, he noted that things are changing, with fewer applications for such accounts being submitted.

"Credit card companies are now asking for proof of earnings - they are now asking for bank statements and pay slips. They are not giving such high credit limits anymore," said Mr Sorsky.

Recent figures released by Credit Action revealed that consumer credit lending to individuals stood at £216 billion at the end of October 2010, with the growth rate reaching 0.6 per cent.

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