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Cardholders encouraged to take control of borrowing

Credit cardholders have been reminded "you are the expert of your own situation" when it comes to borrowing and spending.

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20 March 2009

Cardholders encouraged to take control of borrowing”

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The Money Advice Trust wants more consumers to realise that financial empowerment is in their hands when it comes to managing their plastic payments better.

Spokesperson Becky Boden-Wilks says: "When you are thinking of taking out credit or you are thinking of just spending on your credit card do a budget sheet and work out how long that is going to take you to pay back."

She suggests this "planning ahead" is key to controlling credit card bills.

"Do your budget sheet and know exactly what you have got coming in and exactly what you have got going out," Ms Boden-Wilks explains.

Earlier this week prime minister Gordon Brown unveiled a new financial package aimed at protecting credit card holders from debt.

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