Credit card holders advised to avoid debt management companies

Mon, 08 Feb 2010

Credit card customers have been urged by the Consumer Credit Counselling Service (CCCS) not to use fee-charging management companies regardless of their financial situation.

According to a report, the CCCS received more than 335,000 calls last year, which represents a 19 per cent increase from 2008.

However, Delroy Corinaldi, director of external affairs at the CCCS, explained that debt management companies do not provide a faster service than debt charities like the CCCS provide.

He said: "We have seen a rise in demand for our services over the past few years and have deliberately increased our capacity to meet this demand."

Meanwhile, the Sun newspaper recently advised Britons that a balance transfer credit card could help them to reduce their debts .

Shaf Rasul, writing in his column, explained to consumers that the rise of the average interest rate on credit card balances in December off-set price cuts on the high street.

As a consequence, Mr Rasul emphasised that credit cards can enable over-indulgent shoppers to reduce their debt worries .

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