A UK credit card provider is advising consumers to ensure that they clear their debts if they have concerns over the security of their jobs. Officials from the credit card provider and bank Vanquis have said that it could prove beneficial for those that are concerned about their jobs to clear their debts as quickly as possible including their credit card debts.

Many people have accrued a considerable amount of debt over the past couple of years with the credit crunch and the recession taking their toll on consumer finances. However, whilst the recession may officially be over the concern over job security is still heightened for many people, and many of those worried about their jobs are those that have debts.

One official from the bank said that those worried about losing their jobs needed to assess their debt levels carefully and then formulate a plan that would enable them to repay the debt as quickly as possible. Whilst many people may have some form of cover on their debts, such as Payment Protection Insurance, it is important that they read the small print in order to ensure that they will be able to make a claim in the event that they are made redundant.

Although the recession is over the rate of unemployment is still high, and many are concerned that a rising number of consumers could lose their jobs over the course of this year. This has made it important for those that have debts that they will struggle to repay if they lose their jobs to take action to get them cleared.

One Vanquis spokesperson said: “If you owe money on credit cards and loans it is important you work out a debt repayment plan to clear these debts as quickly as possible.”        

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