Uswitch comments on Bank of England debt figures
Commenting on the Bank of England spending statistics published this morning, revealing that lending to consumers increased in November, Nicolas Frankcom, money expert at https://www.uswitch.com/banking/>**Uswitch.com**, says: “These figures expose the true extent of consumer spending ahead of Christmas. With borrowing at an all-time high, it’s critical that consumers don’t bury their head in the sand and ignore their debt. The long-term impact of falling behind on repayments cannot be underestimated.
“The first step is to take a good hard look at your finances and see what steps you can take to service your debts. 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. 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, help is at hand. You should first contact your lender so they’re aware of the issue and see how they can help you realistically manage your repayments without falling further behind. You should also seek free help and advice from charities like StepChange Debt Charity or The Money Advice Service.”
FOR MORE INFORMATION
Katherine Moss
Phone: 020 3021 5893
Email: katherine.moss@uswitch.com
Twitter: @uswitchPR
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