Thursday 17th April 2008
Britons finances are likely to suffer on a wider basis following the retraction of credit card balance transfer offers, it has been suggested.
A spokesperson for financial helpline National Debtline explains that a lack of access to credit card balance transfers is liable to leave many with more widespread debt problems.
Beccy Boden-Wilks explains: "People cant manage their large amount of debt as cheaply as they could before.
"This is having a knock-on effect, which is why at National Debtline were seeing increases in mortgage arrears."
She adds that such events are linked to the credit crunch and the consequential withdrawal of credit card balance transfers and other such products previously used to manage debts.
However, those with a "squeaky clean" credit rating are advised that they may still be able to find some more favourable products.
But zero per cent credit card balance transfers are unlikely to be among them, the spokesperson concludes.
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