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This article is for information only. It does not constitute advice. Chase Saunders Ltd does not provide services for savings, investments, mortgages or insurance. You should seek advice on these areas from a qualified financial advisor.
Vast majority of consumers use credit wisely
The vast majority of people are able to use credit wisely, according to one expert.
James Jones, spokesperson for Experian, states that only a small proportion of Britons struggle with credit and that those who do have difficulties should let their lenders know if they have faced personal difficulties.
While there is no guarantee that lenders will take personal problems into account, it is "certainly worthwhile" to mention such circumstances, he added.
Mr Jones continued: "I would urge [consumers] to get a copy of their credit report before they start shopping around for credit, because lenders use the information to help them not only decide which customers to accept, but also, increasingly, what interest rates to set."
Examples of the personal difficulties Mr Jones refers to include relationship breakdowns, illness and redundancy.
People seeking to reduce the amount paid out monthly may wish to wrap up their repayments into one
debt consolidation loan.
Created on 23/03/2007 12:36:43
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