- 09
- May
Britons should prepare themselves for unexpected circumstances to avoid future debt problems, one industry expert has asserted.
Stephen Rose, director of the Debt Advice Bureau, advised that borrowers should ensure that they will always be able to make loan repayments and that they know the full terms and conditions of their borrowing.
He said: "You’re the one that’s using it, so you’ve got to make sure that you know what you’re signing, you know what you’re getting into. And if you’re happy with that and you’re confident that you can repay that, then do so."
Mr Rose added that consumers often incur debt difficulties when an unforeseen change to circumstances takes place, such as overtime being cut or becoming ill. He claimed that if people make "more allowance for things going wrong", they will be "better insulated" should they struggle to make repayments on personal Loans.
Last month, a study by the Edinburgh Gazette revealed that borrowers in Scotland are facing a record increase in debt management difficulties.
Interfinancial providing you with breaking Personal Loans news.
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