Uswitch comments on Bank of England debt figures
Commenting on the Bank of England money and credit statistics published this morning revealing that lending to consumers increased once again in March this year, Tashema Jackson, money expert at https://www.uswitch.com/banking/>**Uswitch.com**, says: “Credit cards have yet again been a major contributing factor to household debt in 2016. While rock-bottom interest rates have helped consumers get great introductory offers and low mortgage rates, it also means the temptation to borrow beyond our means has seldom been higher.
“Banks and credit card providers have an important role to play in preventing borrowing spiralling out of control. They need to provide customers with clear information so they are able to make informed financial decisions. Right now, consumers do not think providers are doing enough. Our recent research shows four in five credit card holders feel their provider is more interested in making money out of them than helping them manage their debt.
“For people concerned about their debt, don’t ignore it. If you’re struggling to meet your repayments, contact your lender so they’re aware of the issue and can help you realistically manage your repayments. You should also seek free help and advice from charities like StepChange Debt Charity.”
Find out how you could save over £1,000 a year with Uswitch here.
FOR MORE INFORMATION
Rory Stoves
Phone: 020 3872 5613
Email: rory.stoves@uswitch.com
Twitter: @UswitchPR
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