Media comment: Consumer Finance Association’s Credit 2.0 report

Tuesday 21 July 2015

On the Consumer Finance Associations’s Credit 2.0 report, Colin Kinloch, Debt Expert for the Money Advice Service comments:

“While for some people high cost, short term credit can be a useful source of money to assist with unexpected costs, if this form of borrowing is used regularly to manage household finances then it may be symptomatic of underlying financial difficulties and it is vital to get to the bottom of this before taking on extra credit.

“We always recommend considering all options available before taking on additional debt and our Pay day lending tool can help with this. If consumers are finding their budget is stretched each month then it is worth taking advantage of the free debt advice which is available across the UK. The Money Advice Service has a debt advice locator tool to find free, impartial advice across the UK which will help get finances back on track and make those monthly payments feel more comfortable.”