Figures released by the Bank of England have revealed that credit card borrowing has increased by 9.3 per cent in the year to February, the fastest rate of increase for 11 years. Households put around £600 million on their credit cards in February, with users owing a total of £67.3 billion.
What’s more, a recent survey by R3 and ComRes shows that the number of British adults concerned about their future financial health has been steadily increasing since June 2016. Almost 1 in 5 (19 per cent) British adults think their personal financial situation will worsen over the next six months, up from 14 per cent in June 2016.
24 per cent of those aged between 55 and 64 years said they expected their financial situation to worsen over the next six months, the most pessimistic of all age groups surveyed.
Credit cards, bank loans, overdraft facilities and being in arrears on household bills are all having a huge impact on people’s ability to keep on top of their debt. This is leaving many struggling to meet payments and teetering on the edge of insolvency.
If you are concerned about your finances, our experts at our partner business BM Advisory can help. Whatever your situation, the sooner you contact us the better your options will be. Your initial consultation is free of charge, and you can rest assured that it will be in total confidence.
To find out more or to discuss your specific circumstances, please contact Andy Pear or Mike Solomons.