MANCHESTER, England, Aug. 24 /PRNewswire/ -- Debt experts at MoneySolve Debt Management have condemned the reckless credit card lending that has been reported in recent press.
Research conducted recently has discovered that families are being offered cheaper credit than prior to the recession, sparking fears that this encourages over-borrowing in the midst of fears over job losses and a potential 'double-dip recession'.
The research highlighted that some banks are offering lenders credit cards with interest free introduction periods of over 12 months. MoneySolve experts believe this is encouraging families into debt, commenting that:
"This is nothing short of reckless. We're in a period in which there are heavy spending cuts coming, potentially costing a lot of jobs, and we're still feeling the effects of the last recession! Some lenders just haven't learnt from the mistakes that contributed to the last economic crisis. Over-lending encourages over-borrowing and this results in higher levels of personal debt. It's as simple as that."
Credit card debt is a severe problem in the UK, a country that has more credit cards than people and MoneySolve believes that lenders are failing consumers:
"Of course we all have to take an element of responsibility for our own lending. But the lenders are the supposed experts here. They have to accept a level of accountability for instances in which people are permitted to borrow more than they can realistically afford to repay."
If you are affected by mounting personal debts and are struggling to make your repayments, call MoneySolve for free, non-judgemental, confidential advice on 0800 040 7064.
SOURCE MoneySolve
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