Advice service cautions over consumer credit boom
CITIZENS Advice Scotland (CAS) has warned consumers to beware of the dangers of debt as credit card spending increases.
Figures released by the UK Cards Association show spending on cards has increased by nearly seven per cent across the UK over the year.
CAS’s consumer spokesman Fraser Sutherland advises people to make sure they are not borrowing more than they can afford to repay.
“Every day our advisers see examples of how easy it is for debts to get out of control and how such debt can really destroy people’s lives,” he said. “It’s not just their finances but their health, careers and relationships too.
“Both payday loans and credit cards are potentially dangerous though, and our general advice to people on any form of debt is to always read the small print, only borrow what you know you can repay, and shop around for the cheapest lender, such as local credit unions.
“If you find you are having to borrow every week or every month then you’ve really lost control of your finances and you need to face up to that and start getting things back on track.”
For help or more information, people are advised to visit their local CAS office or call their advice helpline on 0808 800 9060.