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To maintain your mental health, it’s important to stay on top of your financial health.

Financial stress can have an impact on many areas of your life. According to the Money and Mental Health Policy Institute, people with problematic personal debt are twice as likely to develop major depression as those not in financial difficulty. So it goes without saying that staying on top of personal finance is vital.

Thinking about finance can often be a stressful task and every situation is different. However, as credit experts, our main guidance is that having a full understanding of your finances is key to reducing the stress associated with it. Put simply, if you know what’s going…

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Buy Now, Pay Later (BNPL) schemes are rapidly gaining in popularity. Last year alone, one in every five UK shoppers bought through a BNPL company. However, despite the product being attractive, due to its instant ‘have it now’ nature, one in five customers said it has negatively impacted their credit score.

The survey, conducted by Compare the Market, also found that young people (18–34 year olds) were particularly targeted by these schemes, and 41% of all shoppers said they weren’t aware of the schemes’ potential to affect their credit score. With the nation in lockdown, spending less money on experiences…

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What is persistent debt?

If your credit card debt has attracted more interest, fees and charges than the amount you’ve repaid over the last 18 months, then you are in persistent debt.

The FCA has put a lot of research into this space, studying 34 million cardholders in the UK over a period of 5 years and surveying more than 40,000 consumers (Credit Card Market Study’s final report in 2016). This research has led to a comprehensive set of measures that came into force on 1st March 2018.

Figures show that customers in persistent debt pay on average around £2.50…


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