Friday 29th of May 2009
Consumers who sign up to credit agreements should be aware of how much they are ultimately going to cost, an expert has warned.
Figures from the Financial Leasing Association indicated that in-store credit rose in value by 24 per cent in March, compared to the previous month.
But Chris Tapp, director of charity Credit Action, noted that care should be taken with ‘buy now, pay later’ deals, in order to avoid future debt problems.
"People do need to know exactly what they are signing up for, what their rate of interest is, how long it is going to take them to pay that off," he said.
Those who are struggling to meet repayments after entering into such agreements may wish to seek advice on debt management plans, as these can help reduce the size of repayments.
Such help could be becoming all the more important, as recent Credit Action statistics revealed that 323 people are being made bankrupt or declared insolvent each day.
