Moneyspider in the News

Credit crunch warning

Man owes £65k after he turned to crime to hide his debts. If YOU are tempted by easy cash, read this first. 

The Sun

The slippery slope for Daniel Morris started when he took out a £3,000 loan to buy his first car. He didn't take out comprehensive insurance - and wrote his motor off in a crash months later. Daniel then borrowed a further £6,000 to buy another. 

At the same time he was using credit cards to keep up the pretence that he was 'doing well'.

After realsing he was in financial trouble he took out more loans and more credit to plug the gaps. Now just over ten years after that first loan, Daniel is £65,000 in the red - and his 18-month marriage is in trouble after he stole his wife's credit card.

Tony Ahearne, director of online financial monitoring service Moneyspider.com, said 'Most people will not be exposed to Daniel's level of debt because the only way he got himself in so deep was effectively through fraud. But millions of people are stalked by the spectre of debt and with the banks and other lenders now tightening up lending criteria, the free ride on cheap credit is now over.'