Uswitch comments of Bank of England debt figures
Commenting on the Bank of England statistics published this morning Tashema Jackson, money expert at https://www.uswitch.com/banking/>**Uswitch.com**, says: “Consumers could be feeling the pinch of a Christmas credit hangover for months to come, as they struggle to pay off the festive spending spree.
“With interest rates at a record low borrowers have never had it so good, but this won’t last forever. It’s vital that action is taken to tackle any debt ahead of any potential rate rise. If you’re looking to move existing debt, a balance transfer card with a long interest-free period could provide you with the breathing space you need. There are cards that offer interest free periods of up to 40 months. For those with poor credit history many cards now offer eligibility checks, so you can see if you qualify without impacting your credit rating.
“If you’re struggling to meet your repayments, you should contact your lender so they’re aware of the issue and see if they can help you realistically manage them. You could also seek free help and advice from charities like StepChange Debt Charity or The Money Advice Service.”
Find out how you could save over £1,000 a year with Uswitch here.
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