Take control of your credit to reach Debt Freedom
Better exploitation of the existing deals on credit cards and loans will bring down levels of debt in Britain, experts have claimed.
Today is 'Debt Freedom Day', indicating that the average Briton takes 35 days of the year to pay off interest from credit cards and loans.
According to IFA promotions chief executive David Elms: 'Debt Freedom Day is of course a hypothetical date, but it serves to demonstrate that the UK consumers really need to take better heed of warnings and take charge of their finances.'
However, Debt Freedom day is still down by four days from 2005, and experts believe the answer to reducing it further lies in the hands of individuals.
According to Frances Walker of the Consumer Credit Counselling Service, purchasing credit cards does not necessarily indicate financial weakness.
'People might have two or three cards that they might use in different ways, with different reward schemes and payment dates.'
'If you are canny you can transfer balances very often and benefit from the different offers,' she added.
For the best advice on taking out cards and loans and managing your budget, look online. | 
