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Consumers should seek financial help when in trouble
22/04/2008 09:41:00
Consumers in serious financial difficulty should try and seek help rather than attempting to solve any issues on their own, one financial expert has warned.
Fool.co.uk said that if someone is having difficulty making their mortgage payments, then they should go to their lender and admit they are having problems.
David Kuo, head of personal finance at Fool.co.uk, said: "They think they can hide the problems and use their credit cards that little bit more when in actual fact they haven't addressed the initial problem at all."
Sometimes taking out loans to deal with debt and 'throwing' money at a problem just makes it worse.
A study by moneysupermarket.com, published in April 2008, found that almost half of people had never checked their credit report and only one in six will check it this year.
Research by IVA.co.uk from October 2007 found that only four per cent of people thought the level of financial education in Britain was above adequate.
Up to seventy-five per cent of people claimed to have had no financial education at school.
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