Buying lunch on your credit card could result in a debt management plan

20/10/2009

Regular spending on your credit card, even only on cheap items could quickly plunge you into debt and leave you requiring a Debt Management Plan'>Debt Management Plan to regain financial stability.

Research carried out by insurance firm Aviva, shows that 50 per cent of Britons do not take their lunch to work with them and putting just a few pounds on the plastic each day could result in a large debt accumulating.

Britons may want to consider that even a 'cheap' lunch costing £5 can leave you more than £100 out of pocket each month.

A financial expert can help you and could reduce interest rates, restructure the repayment period and tailor the size of repayments so they are realistic and manageable - which could be the perfect way to deal with credit card bills that have stacked up.

Kevin Still, Director of debt management company EuroDebt says “Using credit cards for everyday expenditure can be a clear signal that you are struggling to cope financially.

A debt spiral can be a gradual process from transferring balances from one card to another. EuroDebt would recommend that people take action as early as possible, this should involve professional advice and stopping further borrowing".

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