New rules announced by the government this week could mean people are forced to seek debt help earlier than they would have done, an expert has said.
Becky Boden-Wilks, a spokesperson for the Money Advice Trust, stated that regulations stopping lenders from raising credit card limits without a specific request to do so from the customer could affect those who depend on credit.
If people have been relying on credit then debt is “probably a problem waiting to happen”, she suggested.
“It could be that it will mean people will have to confront the problem earlier,” Ms Boden-Wilks commented.
Under the raft of new measures announced by prime minister Gordon Brown this week, the provision of debt help for those struggling with their finances will be reviewed.
It is also seeking to support the availability of mortgage advice, as well as working towards ensuring a fairer deal for consumers.
By Rosie Park