Debt-Laden Consumers Facing Danger ; with Interest Rates Heading Up It Is Now Imperative That People Clear Credit Card Debt Before the Burden Increases. Jeremy Gates Reports
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Summary
WHEN the Bank of England recently confirmed the biggest rise in inflation since records began - up 1% in a month to 2.9% - the position of those heavily in debt suddenly looked much more exposed.
With VAT going back up to 17.5% in January, inflation could exceed 3% in February. If the Government pushes up rates earlier than expected to restrain prices, it will strain many people who are struggling to cut credit card debt.See the full content of this document
Extract
Debt-Laden Consumers Facing Danger ; with Interest Rates Heading Up It Is Now Imperative That People Clear Credit Card Debt Before the Burden Increases. Jeremy Gates Reports
Despite the growth of debit cards, we still owe nearly pounds 65bn on credit cards. The figure is slightly below the record pounds 69.2bn in 2005, but it remains high even though nearly two thirds of Britain's 30 million credit card holders pay their bill in full each month.
As The Spectator magazine grimly predicted in October: "As unemployment rises and fresh credit dries up, many people will be unable to pay enormous debts run up on their ca...See the full content of this document
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