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Abcul: No such thing as free credit
Article Category:
Debt Management Help and Advice
Britons should be aware that no credit comes free of charge, the
Association of British Credit Unions (Abcul) warns.
Head of membership services Lucia Webster urges consumers to consider their borrowing and ensure they live within their means to avoid
debt.
She adds that credit unions encourage such behaviour as "they understand that for many people
credit cards do not help".
But Ms Webster asserts that credit unions provide an alternative for individuals
refused credit by mainstream lenders.
And she observes that using a debit card can be an effective means of
credit card management as accountholders "are not running up credit when they use the card".
"Everyone should be aware that there is no such thing as free credit and that if they borrow on a
credit card, they should do so only at a level they can afford," she concludes.
The Family Resources Survey conducted by the Department for Work and Pensions in 2005-06 revealed that 97 per cent of households had at least one type of savings account.
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Created on 05/10/2007 08:10:38
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