Debt advice ‘worth more than money’
Borrowers benefit more from debt advice than they do from being given money, it has been claimed.
According to Experian’s CreditExpert service, 47 per cent of Britons are willing to give money of their own to friends who have developed personal debt problems.
But the researchers warn those in debt that seeking professional advice could be a better option in the long-term.
“We’re regularly faced with financial etiquette dilemmas and as well as being important from a social standpoint, they’re also significant financially,” suggests managing director Jim Hodgkins.
“If you’re running up debts that you can’t pay off, you could be damaging your credit rating,” he adds.
While a quarter of survey respondents agreed that debt advice is more valuable than money, 42 per cent admitted they would give a friend in need as much as they could afford.
Financial analyst Moneyfacts suggests that those looking to freeze their personal debt could do so temporarily with an interest-free balance transfer as “it’s not often that you will get something for nothing from your bank”.
However, those looking for a more permanent debt management solution could welcome the news that advice is available.
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