Debt problems 'could be tackled through monetary education'

A lack of education concerning financial issues could mean that some people have to put up with debt problems, according to one expert.

While many consumers who are looking to get credit may not see any problems, others might have to face up to more negative consequences, moneymagpie.com's founder Jasmine Birtles has noted.

She said: "Until we as a nation have enough financial education to be able to deal with borrowing of every type, then access to credit of any form is going to be harmful to some individuals."

However, the financial expert went on to note that the concept of saving money might become more prevalent over the course of the next ten years, as people learn from credit mistakes they have made in the past.

The conditions relating to credit cards should be clarified to consumers before they sign up for such products, Samantha Owens, Moneyfacts.co.uk's principal consultant for banking and economic insight, recently claimed.

Posted by Tom Burroughs.