Credit Card News

Credit cards 'should only be offered by financially trained people'

21-01-10, 04:28 in Credit Card News
Credit cards 'should only be offered by financially trained people'
By signing up for store credit cards, people might increase their chances of facing debt problems, according to one expert.

Peter Sargent, president of the trade body R3, suggests that the financial knowledge possessed by the shop assistants offering people the opportunity to get credit may not be very strong.

He commented: "While these cards are presented as innocuous, they can lure vulnerable people into debt.

"They should only be sold by people who have been sufficiently trained to sell financial products."

Meanwhile, a government-backed consultation concerning the issue of credit cards has recently received the backing of Mr Sargent's organisation.

Earlier this week, Martin Bamford, a chartered financial planner at Informed Choice, noted that when it comes to credit card borrowing, individual consumers need to take at least some responsibility for their spending habits.

People should aim to focus on careful money management, he went on to say.

Posted by Tom Burroughs.ADNFCR-2660-ID-19570806-ADNFCR

Apply now for a Vanquis Visa Card

We have helped over 1 million people get the credit they deserve

  • Choose your card design: Blueberry, Lime or Cherry.
  • 24/7 Fraud Watch
  • A UK Customer Service call centre
Find out more Apply now
Representative 39.9% APR (variable)
Apply now for your Blueberry, Cherry or Lime Vanquis Credit Card