Debt Advisers Direct is a trading style of Freeman Jones and part of the Think Money Group. We have over 15 years' experience helping people in debt and won numerous awards.
Lack of financial understanding `can lead to debt`
09/03/2007
Britons` lack of understanding about financial products could be leading them into debt, an expert has cautioned.
According to online credit card guide Credit Cards GB, many people take out personal loans and apply for credit cards without having knowledge of the conditions involved.
Some people do not understand the interest on a credit card, the company claims, which could lead to debt problems down the line.
However, it adds, customers are not entirely at fault, as lenders do not always highlight the conditions and hidden charges related to their products.
"Overall, Britons really do not know enough about credit cards and what they entail and that is why there is such a bad debt crisis", Credit Cards GB concludes.
Earlier this month, the Association of Independent Financial Advisers said that people looking to get out of debt were increasingly using the services of a financial adviser.
