Equifax warns Brits to stick with credit debt management

Britons should continue to exercise credit debt management if minimum repayments are reduced, according to Equifax.

The credit expert claims that a number of credit card companies are planning to reduce the minimum amount which must be repaid each month.

While this could be good news for borrowers who are short of cash, Equifax warns that it could mean more will power is required to continue with credit debt management efforts.

External affairs director Neil Munroe states: “At first, paying an even lower amount back each month on credit cards sounds a perfect solution.”

But he adds: “Taking this option over the long-term will actually mean consumers will be in debt for longer and incur more interest.”

Experian’s CreditExpert recently told consumers that advice may be more valuable than money when tackling debt.

Those looking to instigate a process of credit debt management could welcome the news that such advice is available.

5 July 2007 | Credit Card Debt, Debt Management | Comments