Debt advice that may leave you owing even more money
As credit card debt rises, the FCA is warning consumers to avoid unregulated debt advice firms that may charge fees or provide misleading solutions. Consumers are encouraged to seek free, impartial advice from authorized charities.
Why it matters
Financial vulnerability during a cost-of-living crisis makes individuals susceptible to predatory practices that can exacerbate their debt problems.
Image source, Getty Images By Kevin Peachey Cost of living correspondent Published 7 hours ago An increasing number of people are missing credit card repayments as finances are stretched by rising bills, according to the Bank of England.
Lenders also told the Bank they expected the number of unpaid credit card debts to keep going up this autumn.
This could lead to more demand for advice on how to deal with debts – but, if you are struggling and need help, there are some traps to avoid.
And it is worth remembering that impartial advice is available free of charge from debt charities. So here's what to think about.
If you find yourself with money troubles, it can be tempting to seize any opportunity to get things back on track.
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