Barclaycard Partnership Launches Free Online Help to Tackle 1.5 Trillion pounds Sterling Personal Debt

LONDON, Nov. 24, 2010 /PRNewswire/ -- Barclaycard has partnered with debt advice charity the Money Advice Trust to launch My Money Steps, a new interactive online tool to help the growing numbers who need debt advice. The new service gives people access to advice online in their own time so that they can find the best solutions to get their finances back on an even keel.

The UK's adult population currently carries 1,455 billion* pounds of personal debt. Latest figures show that 30.1 million adults in the UK access the internet every day**. Those seeking to strengthen credit and repay their own personal share of the billion-pound debt burden, can now go online to solve their problems.

My Money Steps provides personalised advice based on the answers to a series of questions. Solutions are tailored to individual need and circumstances. The interactive website provides action plans and email reminders. It also stores details securely so that users can come back time and time again for ongoing help without having to load in all their information each time. It can be accessed 24 hours a day, seven days a week. Users can track their progress or get new suggestions on what credit building action to take if their circumstances change. People who are in situations which are too complex for My Money Steps will be directed to sources of one-to-one advice.

Joanna Elson OBE, chief executive of the Money Advice Trust, said: "During the recession we saw demand for advice at National Debtline - run by the Money Advice Trust - almost double, so we needed to find other ways of giving advice. As people become more internet-savvy, banking and shopping online, it's important that we enable them to get advice in a way that suits them best too.

"Your financial situation can change month by month or week by week, making it difficult to manage budgets and priority repayments. My Money Steps helps you to stay on top of changing circumstances and allows you to track your progress and develop good financial habits in the longer-term - in short, simple steps to a debt free future.

"This is an exciting new development in our relationship with Barclaycard and their support has been crucial in getting My Money Steps off the ground."

David Chan, chief executive of Barclaycard Consumer Europe, said: "Barclaycard has been a long term supporter of the free debt advice sector and the Money Advice Trust. The launch of My Money Steps means consumers will now have more choice around how they get the advice they need and I'm proud that Barclaycard has played an important part in bringing this service to consumers." 

Damian Hinds MP, of the All Party Parliamentary Group on Debt and Personal Finance, said: "I've tried out My Money Steps and found it a practical and useful resource.  Providing advice and guidance online for people struggling with their finances can go a long way towards reducing the cost of unmanageable personal debt.   My Money Steps is going to be a very valuable tool in this."

Notes to editors:

* CreditAction - November 2010

** DirectGov - 27th Aug 2010

About Barclaycard:

Barclaycard, part of Barclays Global Retail Banking division, is a leading global payment business which helps consumers, retailers and businesses to make and accept payments flexibly, and to access short-term credit when needed.

The company is one of the pioneers of new forms of payments and is at the forefront of developing viable contactless and mobile payment schemes for today and cutting edge forms of payment for the future.  It also issues credit cards, credit cards and balance transfer credit cards to corporate customers and the UK Government.  Barclaycard partners with a wide range of organisations across the globe to offer their customers or members payment options and credit.

SOURCE Barclaycard