Debt consolidation requirements could soar as 'rate tarts' come unstuck
Debt consolidation requirements could soar as 'rate tarts' come unstuck
Tuesday 25th August 2009
That is according to the Daily Mail, which ran an article earlier this week suggesting that as a result of tougher lending conditions, people who were relying on a zero per cent balance transfer of a holiday-induced credit card bill might find themselves unable to secure one.
People that find themselves stuck with repayments they expected to avoid could find speaking to a debt consolidation specialist of great help - in pooling the bill with other payments, the debt may become easier to manage.
The newspaper suggested that stricter lending criteria and a decrease in the number of deals available to the consumer were resulting in a lesser ability to secure zero per cent balance transfers.
Credit cards expert Peter Harrison said: "Rate tarts who jump between zero per cent deals are having a tough time as credit is harder to come by and fees and charges have risen.
"Lenders are more picky about whom they will take as a customer. It means borrowers have to be savvy about which cards they choose."
For those that are unable to secure a zero per cent balance transfer and are subsequently struggling financially, seeking debt consolidation advice could help ease the burden of repayments.
News article brought to you by Debt1 – The debt consolidation company
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