How much are you in debt: the Credit Debt Advice.
All consumers have the right to be in full possession of the information concerning any loans taken. They should be provided with information about their state of indebtedness. So, banks and financial institutions are mandated to provide them with a credit debt advice . This is a statement of the amount outstanding in respect of the individual. The credit debt advice also will clearly state the amount of money repaid as also the percentage of the money accounted as part of the principal and that part accounted as part of interest. Thus the credit debt advice will function as a diary account and summary of a person’s debt and credit position.
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