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Consumers urged to learn about Money Matters
Brits should seek to improve their knowledge of financial products such as personal loans through the use of the Money Matters service, it has been suggested.
The Consumer Credit Counselling Service (CCCS) has called on consumers to make use of the scheme to take control of their finances during the National Skills Academy Financial Services' Money Week.
According to the body, the use of the service will allow people to ensure they manage money properly and avoid any serious debt problems.
Frances Walker, spokeswoman for the CCCS, said: "Managing your money efficiently is important for both short and long-term happiness.
"During a recession, nobody can afford to ignore good money management which could even stave off a developing debt problem."
Ray Boulger, senior technical manager at mortgage adviser John Charcol, recently claimed consumers need a better understanding of financial products like homeowner loans.
He added that more knowledge would increase the likelihood of people switching to other providers.