Misuse of credit cards is amounting to increasing levels of debt and crippling consumers, a new report suggests.During January alone, Debt solutions website IVA.com has witnessed a 75 per cent jump in the number of people who have contacted them after being unable to manage mounting debts.Terry Balfour, financial expert and director of IVA.com, said a reoccurring reason that people are accumulating more debt is through the misuse of zero per cent balance transfers.Although these can seem like a tempting deal, he said there are a lot of strings attached and people must stick word-for-word to the terms and conditions.One common mistake is assuming that zero balance transfers automatically offer zero per cent interest rates on purchases, which is not the case. Any purchase made can in fact cancel out the balance transfer, taking the lender "back to square one"."Despite the fact that credit cards are the most expensive way of getting by, huge numbers of people are continuing to use them to manage financially and pay unavoidable bills such as the mortgage. It’s the biggest mistake they can make," Mr Balfour added.For free advice on how to make a PPI Claim – Payment Protection Insurance claim or a credit card charges claim then call Belmont Thornton on 0845 526 0000 or fill in the Quick Claim form to be sent a free PPI Claim pack or credit card charges claim pack.
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* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.