Lenders should be made more responsible for curbing debt in the UK by offering debt management advice to borrowers who are having difficulty meeting repayments.
This should apply to lenders who are not associated with banks. The Banking Code stipulates that banks should fully support borrowers who are experiencing financial difficulties. However, this rule does not apply to individual lenders.
The best advice anyone can give regarding debt is to stay out of debt entirely. Yet, if you are reading this, you are most likely already in debt that is possibly putting a stranglehold on your life. Getting debt advice from a qualified and impartial representative is an advisable first step toward breaking free of difficult debt situations.
Because debt often starts small then grows every month as minimum payments do not match continued spending and growing interest on loans, many borrowers find themselves in tight situations.
If, like me, you are in a bit of debt and are trying your damnedest to get out of it you will know that no amount of debt solutions or debt advice will help you have a good time at a birthday, a house warming, a baby shower, an anniversary, a leaving do or even a bar mitzvah when you are broke and worried about money!
What you need to know
What goes on?
Advice on remaining debt free
