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News

WOULD YOU CREDIT IT?

Recent investigations by Poole consumer watchdogs have backed up the importance of following advice from the Office of Fair Trading.

At the launch of its latest campaign ‘Don’t let credit turn into debt’ last week, the Office of Fair Trading warned that getting into debt is all too easy.

Poole pop star, Louise, lent her support to the campaign, which warns shoppers of the dangers of excess debt, especially at Christmas and gives information for those already experiencing problems. Debt statistics show that the average debt per person in the UK, not including mortgages, is roughly £2500.

A recent investigation by officers from the Borough of Poole’s Consumer Protection Service found that many traders are now quoting flat rates of interest and not the APR (Annual Percentage Rate of Charge). This makes it much more difficult to compare one shop’s deal with another’s as the APR takes into account a lot more than the overall cost of borrowing.

Peter Pawlowski, Head of Poole’s Consumer Protection Services said: "We aren’t telling people not to borrow, only that you should think carefully before buying on credit. Most people will shop around for their Christmas presents to get the best price but how many will shop around for the best credit deal to buy them with? Don't automatically take the instant credit that the shop offers you - you may get a better deal elsewhere. Use the APR to help you find the best deal and if you do get into trouble with your debts seek some advice, don’t just ignore them."

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Jeff Morley