New Year, Old Credit

It’s a new year and a new start.  The month of January is the busiest time for debts.  Most of the consumers enter this year with a bulk of financial hangover. The debt from the previous year is still up for the New Year. The bills for most of the credit cards will start to go out the coming days, and the rising cost of living is still evident.

About 1 million people have turned to high cost short-term loans to meet housing costs. Bills for credit cards and other borrowing will start to go out over the coming days, and could be the final straw for some people’s finances according to a housing charity Shelter.  Shelter had a live “Advice Clinic” last January 8 to help answer the readers’ questions about debt and how they can deal with it the best way they can.

According to Matthew Cooper from the advice charity StepChange, and Dennis Hussey, an adviser from the National Debtline, they would be willing to answer the consumer’s questions online.  Finance expert Andrew Hagger said that he can offer guidance in finding the right credit card or loans for your circumstances. He added “If your debt is less of a problem but you want to find out if you could pay less for it, our panel may also be able to offer assistance.”  This financial advice can somehow guide consumers on the usage of credit cards and for being trapped and in debt the whole time.  The more informed consumers are, the wiser they become and sooner find out that they could be free from debt.