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Bank refunds: Recession made family finances 'much worse'

People who are currently trying to get bank refunds may agree with one expert, who has said that the recession has made many families finances much worse.

Martin Bamford, chartered financial planner at Informed Choice, a family-owned and managed firm of chartered financial planners, claims that peoples finances will only improve if they are provided with more education on how to manage their money.

He said: "A lot of people were in a very bad position before the recession hit, so their budgeting for example wasn't particularly good and they tended to over rely on things like debt and put themselves into a very weak position.

"When the recession hit, it made things a lot worse."

Mr Bamford said that families must take more control over their personal financial planning and become less reliant on debt.

He also said that the current economic situation has led to a two-tier financial crisis, hitting people in different wealth categories in different ways.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.

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