Social media and debt….a warning

A recent report from the comparison site, confused.com has warned that using social media websites e.g. Facebook and Twitter could see people driven into debt due to burglary or increased home insurance premiums.

This report comes on the back of news that in the US state of New Hampshire, 50 homes were burgled after home owners made it public they were not at home through location services on the social media sites.  The burglary ring responsible stole $100,000 worth of goods from the properties.

If this trend continues in the UK, confused.com go on to say that insurance premiums could be hiked up.  This could lead to many people not bothering with home insurance which may save them money in the short term but could leave homeowners needing debt solutions should something happen to their home.

In addition, with the increased number of employers using social networks to ‘suss out’ prospective employees, social network users should be aware that what they post on their profiles could come back to haunt them in the future and could prevent them from being hired from some companies.

 

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