- Tuesday, 27 April 2010The establishment of the Consumer Financial Education Body (CFEB) could help those people struggling with
debt management issues, it has been suggested.
An independent body with a mandate to provide impartial advice on managing finances, the CFEB came into effect from April 26th and could help consumers to avoid debt.
Commenting on its creation, Wendy van den Hende, chief executive of education charity pfeg, said that having such a body will be "really important" as the country moves forwards following the recession.
"Rolling out money guidance will not be cheap. However I think this is an important thing to provide for," she said.
Ms Wendy van den Hende also called for more to be done to ensure people understand the long-term effects that their borrowing could have on their financial situation.
Figures released by PayPal this week indicate that people are already turning their minds back to spending following the financial crisis.
More than five million adults plan to increase their spending this year, the payment association found.
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