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Defaulting debtors 'create debt management difficulties'

Defaulting debtors 'create debt management difficulties'

- Monday, 27 April 2009

The rate at which debtors are defaulting on their credit card repayments is making it more difficult for others to eliminate credit card debt, it has been noted.

Michelle Slade, spokesperson for financial information provider Moneyfacts, explains that lenders are increasing the rates they charge on credit cards to make up funds lost due to defaulting borrowers.

She adds that unsecured lending such as credit cards is typically the first area in which defaulting occurs as individuals focus on debt management in secured loan areas - such as mortgages.

"The risk of a customer defaulting on their credit card has gone up and we are paying for this extra risk through higher rates," Ms Slade comments.

As a result, the opportunity to eliminate credit card debt could be diminishing for borrowers whether they face repayment issues or not.

Ms Slade stresses that all credit card users should avoid the temptation to make cash withdrawals on their plastic, due to the relatively high charges and interest rates incurred when doing so.ADNFCR-2300-ID-19140471-ADNFCR
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