/24-7PressRelease/ - LONDON, UK, December 20, 2007 - According to Thomas Charles & Co., a debt counselling service, many people develop credit problems because they tend to overlook the interest rates charged by the credit card companies with whom they had signed up. The debt counselling service also highlighted the fact that few people take care to shop around before taking a credit card. Most of them simply take the first card that they are offered.
James Falla, director of the debt counselling firm, said: "Very few people, in my experience, would consider the actual rate of interest on the card, which obviously is not a very good thing. It's just pretty much a panic and [they] don't even think about the interest rate."
People often aggravate their debt problems by using expensive credit cards to support their incomes. According to a national money education charity, an average UK adult owed 4,678 to credit cards, motor and retail finance deals, overdrafts and unsecured personal loans at the end of October 2007.
Credit cards and personal loans are the two most popular ways that people use to make purchases. Credit card spending increases specially during festive season. According to APACS, the credit card spending in the nation may reach 11.7 billion during the month of December.
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