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Debt experts at MoneySolve Debt Management have condemned the reckless credit
card lending that has been reported in recent press.
Research conducted recently has discovered that families are being offered
cheaper credit than prior to the recession, sparking fears that this encourages
over-borrowing in the midst of fears over job losses and a potential double-dip
recession.
The research highlighted that some banks are still offering consumers credit
cards with interest free introduction periods of over 12 months.
MoneySolve believe this is encouraging families into debt.
A spokesman commented: "This is nothing short of reckless.
"We're in a period in which there are heavy spending cuts coming, potentially
costing a lot of jobs, and we're still feeling the effects of the last
recession.
"Some lenders just haven't learnt from the mistakes that contributed
to the last economic crisis.
"Over-lending encourages over-borrowing and this
results in higher levels of personal debt.
"It's as simple as that.
"Of course we all have to take an element of responsibility for our own lending.
"But the lenders are the supposed experts here. They have to accept a level of
accountability for instances in which people are permitted to borrow more than
they can realistically afford to repay."
Source:
Getting Paid
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