All About Debts

Debt Help Thursday the 29th of June marked the 40th anniversary of the credit card in Britain.

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Counseling Debt Barclaycard launched its first card on June 29th 1966 to just over one million customers.

Credit card and even more so Store card interest are set at exorbitant rates for one reason alone, companies make their money from the consumer’s inability to settle their card balances. Credit card debt is unsecured, whereas other debt like your mortgage is secured (your home acts as security against your debt). With credit card debt, there is no backing security, which means that credit card debt is high risk for banks and hence the high interest rates

Consolidation Consumer Debt Today it can claim 11.2 million holders, contributing to the 32 million credit cards in use in the UK, with the average credit card carrier holding 2.4 cards.

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Debt Settlement However, whether the anniversary is cause for celebration or regret remains open to question, with many blaming credit cards for Britain's spiraling levels of consumer debt, now nearing £1.2 trillion.

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Debt Free Mike Naylor, principal researcher at Which?, claims credit cards have contributed to the increasingly social acceptance of borrowing money, with people often requiring a debt consolidation loan when their finances become unmanageable.

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Consolidation Debt Service "There is a real danger that people are borrowing more and more and saving less. There are thousands of people at real financial risk," he said.

Company Consolidation Debt "Undoubtedly people need to take responsibility for their borrowing."

Consolidation Debt Online Mr Naylor called on consumers to take responsibility for their borrowing, although acknowledged that they are battling against large companies with seductive offers.

Consolidation Debt Free However, he argued that the easy-credit culture in the UK makes it too easy for people to get into extreme debt, with recent figures suggesting that the numbers battling with high levels of debt have doubled.

Debt Problem Additionally, politicians are increasingly waking up to the growing need to tackle Britons' personal debts.

Credit Debt The Liberal Democrats have spoken out to describe debt as a key issue in social and economy policy, as the latest figures show that the number struggling with credit card and loan repayments continues to escalate.

Advice Debt Vince Cable, Lib Dem economic spokesman, said that the need to tackle debt would increasingly feature in economic and social policy.

Card Credit Debt Eliminate "Millions of people are struggling to maintain debt service and are being hit by the double whammy of rising unemployment and the warnings that interest rates will rise," he warned.

Debt Recovery Mr Cable was commenting in response to last week's figures from the Consumer Credit Counselling Service (CCCS), which showed that the number of people in extreme debt has doubled.

Counseling Credit Debt Tackling the problem requires consensus among the financial industry and voluntary organisations on constructive initiatives, Mr Cable argued.

Consolidation Debt Uk Meanwhile, many indebted Britons have increasingly found that debt consolidation loans enable them to manage their financial commitments.

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Catalogue: Finance | Credit Cards
Title: Credit Cards Celebrate 40th Anniversary By: Tml-mortgages

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