Economy encourages people to pay off credit card debt

People are more likely to try to clear their credit card debt as a result of today’s economic problems, an expert has claimed.

Neil Munroe, Equifax’s external affairs director, predicts that more people with credit card debts will make more than the minimum required payments, or try to pay off their credit card debts altogether, according to MoneyExpert.com.

He said that this was a reaction to the ongoing problems in the economy, as people who are worried about their job security become more cautious about carrying debt.

“Debt can be particularly dangerous during difficult times,” said a debt management expert for Gregory Pennington. “Repayments which were once easy to make can become far more difficult if one of the household’s ‘breadwinners’ loses their job or sees their salary drop.

“Depending on their circumstances, however, there may be a number of debt solutions which could help a household cope with reduced income. A debt management plan, for example, could help by letting them make smaller payments to their unsecured lenders during a difficult period.”

---

Gregory Pennington offer debt management plans and a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.