People 'should be smart about credit card debt consolidation'

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People 'should be smart about credit card debt consolidation'

People should be smart when considering credit card debt consolidation after it has been suggested that consumers should get ready for difficult economic times next year.

David Rodger, managing director of Debt Advice Foundation, has advised people to make preparations in case they find themselves having to face changes to their financial circumstances.

He stated that these are "uncertain times" and therefore advised customers to be careful and not commit to large amounts of credit.

The debt advice expert said that paying off credit cards could see people finding themselves unable to keep up with their living costs.

Mr Rodger also recommended cutting back on non-essential spending, avoiding overstretching finances and putting money into savings accounts if possible.

His advice followed research released by the Money Advice Trust earlier this week, which showed that 1.4 million British adults sought debt advice this year.

It also predicted that this could rise to two million people in 2011.

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