Citizens Advice highlights perils of debt cycle

When debt management problems begin to surface consumers should seek out appropriate advice and inform their lenders of any relevant issues, a spokesperson for the organisation maintains.

Moreover, Citizens Advice suggests that credit consumers should shop around and make sure they are getting good value from their money lenders.

“Spend time shopping around to see what’s on offer; always look at the total amount you have to repay; make sure you know the difference between a secured and unsecured lending; and don’t borrow more money to pay off existing debt,” the charity’s spokesperson said.

Citizens Advice responded to the latest rise in the base rate of interest by highlighting the financial pressures already being faced by millions of homeowners and credit consumers across the country.