Debt management could help people combat 'fear factor'
Debt management could help people combat 'fear factor'
Friday 25th September 2009
That is according to a recent report from the European Commission (EC), which has said current account information was often "incomprehensible" and "insufficient".
People's inability to understand the best deals could result in some spending more than they can afford on deals unsuited to them. Subsequently, financial problems could ensue and debt management needs could rise.
The EC report suggests that in 66 per cent of the banks surveyed, the information supplied was so unclear that experts could not get to grips with it.
Commented on the reports findings head of personal finance at lovemoney.com Ed Bowsher said that it was not only incomprehensible information that was putting people off changing accounts, but fear too.
He commented: "It's the fear factor that stops people – they think that the direct debits are going to go wrong or whatever it is.
"Also, they have just got better things to do with their free time, which I can understand, but you can make real money if you move to the best accounts."
People who are struggling with their finances – whether or not as a result of a commitment to an unsuitable current account deal – could consider speaking to a debt management professional.
News article brought to you by Debt1 – UK debt management specialists
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