Millions of credit card holders risk developing serious debt problems as interest soars to the highest rate in decades, according to a latest study. Even though the Bank of England’s base rate of interest stands at a historic low of 0.5 per cent, people with credit card debts are being put at risk by average [...]
credit card debts
Risk of debt problems rise as heating bills soar by 20%
The coldest winter for 30 years has meant that many homeowners now face the increased risk of developing debt problems, as their heating bills have soared by around 20 per cent. Despite wholesale drops in the price of gas, many energy companies have not passed on these savings to customers and have instead raised prices [...]
Credit card debts up as consumer demand rises
For the first time since June last year, the demand for credit cards, overdrafts and personal loans was more than the amount being repaid by UK consumers. Bank of England figures showed that in December, the demand for consumer credit was up by £52m, driven predominantly by borrowing on credit cards. Whilst the interest rates [...]
Debt problem risk for million mortgages paid with credit card debt
Around a million mortgage and rent payments have been made using credit card debt according to housing charity Shelter’s research. The study worryingly found that almost 6% of homes had strugged with their debt management and had needed to resort to using a credit card to pay for their rent or mortgage over the last [...]
