People who are careless with their credit cards could face mounting problems, one expert has warned.
According to James Falla, managing director of debt consultancy firm Thomas Charles, more credit card companies are looking to secure debts against peoples' properties, potentially putting their homes at risk.
Mr Falla explained that while credit cards are generally unsecured, companies can apply to a court to have this changed if someone is not keeping up with payments.
He said: "More recently what credit card companies have been doing is applying to take charges over property."
This situation could lead to an increase in the number of repossessions, so the longer term implications of credit card debt are "a bit more serious" than in the past, he added.
Last month, research by uSwitch.com revealed that five per cent lied about their salary when applying for a credit card, inflating their wage by as much as 70 per cent.
News Side
Warning over mounting credit card debts
Tue, 01 Jul 2008
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