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People 'must be aware of borrowing consequences'

11/05/2010

UK consumers need to be made aware of the implications of borrowing money, it has been stated.

The consequences of borrowing money need to made known to UK consumers, according to one expert.

Chief executive at the Personal Finance Education Group Wendy van den Hende suggests that people should be encouraged to only seek credit if they actually need it.

You should also look in to if you are able to claim money back on payment protection from companies like claims advisory group who could get you a few thousand back on a no win no fee basis

She commented: "What we need to do is make sure that people understand why they borrow money and what the long-term consequences are, to ensure the decision being taken is a thought-through decision."

The expert went on to note just how important she believes the new Consumer Financial Education Body (CFEB) will be when it comes to informing people about money management.

Ms van den Hende added that this project should justify the investment that is going into it.

The new CFEB will aim to stop people from getting into large amounts of debt, which could help consumers to avoid things like debt consolidation in the future.

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