Credit Card Debt is growing at its fastest rate for 11 years
21 Sep 2017
Yesterday, when I came home from work in my letterbox I saw a letter from a credit card company offering me a 0% balance transfer for 42 months with a transfer fee of 3%, or a 0% money transfer (to my bank account) for a 3.5% fee. How nice of them to offer me a loan with c.1% p.a. interest! With a £7,500 credit limit on my card, what should I do with this generosity? Buy a new car to replace my 10 year old Fiesta? Go on a Caribbean holiday when I only usually make it to Cornwall? Extend my overcrowded house with a conservatory?…or, as in my case, vow to live within my means and politely decline the generous offer and recycle the letter.
With such temptations from card companies, it is no surprise to read the latest Bank of England figures from May 2017 which show that UK consumers borrowed £68.1 billion in April 2017 alone. This was an increase of almost 10% on the same time last year and also means that credit card debt is accelerating at its fastest rate since February 2006...
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