PERSUASIVE TV ads offering secured loans to consolidate your debts should be resisted at all costs, says Wiltshire Trading Standards Department.
The department has taken the opportunity presented by National Consumer Week this week to warn people against getting deeper and deeper in debt by trying to pay off Peter by borrowing from Paul.
Sue Wilkin, senior adviser with Wiltshire Trading Standards, said: "Most people have at some time had a hire purchase agreement for a car or home improvements. Unmanageable debt can be the result of over-borrowing.
"The stress of being in debt leads people to consider high-interest, low-repayment loans to get them through.
"The reality of such loans is long-term misery."
She said: Companies specialising in loans for debt consolidation bombard us daily through TV ads telling us of the benefits of such borrowing. For the majority of people these loans lock them into high interest borrowing for many years without solving the basic problem of outgoings exceeding income.
"The problems begin when payments fall behind and frightening tactics are used to collect," she said. For information call (01225) 713557.
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