Wednesday 18th of March 2009
The debt management problems faced by many consumers in the UK have prompted credit card companies to review their practices, an expert has suggested.
Neil Munroe, external affairs director at credit report agency Equifax, explained that firms are aware of the need to be sympathetic towards debtors.
He noted that those who owe money have benefited from a range of new initiatives that providers have signed up to voluntarily over the last year.
According to Mr Munroe, these actions show "that they do take this matter of over indebtedness and people getting into trouble with credit cards quite seriously".
Those who are unable to repay their debts may wish to consider an individual voluntary arrangement, as this can help avoid bankruptcy.
Recent figures from charity Credit Action revealed that the average adult in the UK owed £4,870 through finance options such as credit cards, overdrafts and personal loans at the end of January.
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- Government announces 'breathing space' for those needing IVA help
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- Lower bank charges could support an IVA
