Debt advice that may leave you owing even more money
Summary
More people are missing credit card payments due to rising living costs, and lenders expect this trend to continue. Free, impartial debt advice is available, but people should be careful of firms that charge fees or use pressure tactics when offering debt solutions.Key Facts
- Credit card debts are rising as bills and living costs increase.
- Lenders have told the Bank of England they expect more unpaid debts this autumn.
- Free, unbiased debt advice can be found on government-backed sites like MoneyHelper.
- Some firms charge upfront fees or pressure people to quickly agree to debt solutions.
- The Financial Conduct Authority (FCA) regulates authorized debt advisors.
- Unregulated firms may impersonate charities or debt collectors to collect personal details.
- Warning signs include repeated calls or messages pushing quick decisions and lack of clear options.
- People unhappy with authorized firms can complain to the Financial Ombudsman Service.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
