- 30
- May
Although the majority of consumers use borrowing wisely there needs to be greater financial responsibility with credit, it has been suggested.
Frances Walker, spokesperson for the Consumer Credit Counselling Service (CCCS), claimed that as borrowing through personal Loans, credit cards and other avenues "is here to stay", more Britons needs to learn how to make use of it "sensibly".
She said: "Something like between four and eight per cent of people who take out credit will get into difficulties, which is a small proportion, but obviously a huge number of people."
Ms Walker added that debt management difficulties can also cause emotional problems in addition to financial ones.
Meanwhile, the CCCS representative added that consumers often struggle to make loan repayments after an unexpected change to circumstances such as divorce or ill health.
Figures released by Credit Action indicate Britons had a total personal debt of some £1,318 billion at the end of March, a rise of 10.5 per cent or £116 billion, from the same month last year.
Interfinancial providing you with breaking personal loan news.
