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he left the stupid club but debt still dogs him

Published: 01/02/2009

Independent on Sunday (Main) – 1st February 2009

 

Paul Shannon, 26, is determined to put his finances in order after finding himself trapped in spiralling debt.  “Six years ago I took out a loan for £7,000 to consolidate debt on three credit cards and five store cards,” he explains.  “And I had difficulty paying this off, as every time I came close to wiping it out, I was tempted by offers to increase the loan amount.”

 

“The risk of these loans is demonstrated by Paul, as he took one out and ran up debt again, putting himself back at square one,” says Andrew Hagger from the personal finance advice site Moneynet.co.uk.

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