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"A TRILLION REASONS TO STOP AND THINK", SAYS CCCS
With consumer credit expected to exceed £1trillion in June*, the UK's leading debt charity is encouraging people to review their personal levels of debt.
Malcolm Hurlston, chairman of Consumer Credit Counselling Service says:
"This record level of consumer credit is a timely reminder to take stock and
ensure that credit hasn't run away with you. There are a trillion reasons to
stop and think.
"Remember it's not how much you owe, but how much you owe relative to your
income that's important.
"No-one should be spending more than a fifth of their monthly take-home pay on
meeting minimum repayments on unsecured credit. If they are, they need to cut
back.
"The simplest way of doing this is to stop paying for things by credit card until the existing balances have been substantially reduced. That way you will avoid becoming overindebted.
"Ninety-five per cent of people will probably be OK but for those who are worried, it is best to seek help as soon as possible. Over half of our clients say they waited too long - over a year after they knew they had a problem.- before seeking help."
CCCS helplines are open 8am-8pm, Monday to Friday on 0800 138 1111 or at
www.cccs.co.uk. There is no charge for any of its services.
-ends-
*Bank of England statistics on Lending to Individuals due to be published
12noon, July 29
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