UK Credit Card Debt Rises to £72.9 billion

Recent data provided by the Bank of England shows British consumers owe a total of £72.9 billion in credit card debt.

Dr Roger Gewolb, the Executive Chairman and Founder of FairMoney, was recenty featured in UK Investor Magazine, where he gave the following commentary on the data:

“We are in a whirlwind of debt and consumers are juggling what they owe onto credit cards. This can be a dangerous game to play in the medium and long term, with introductory rates quickly becoming high-interest, making them difficult to pay off. With such pressure, it’s not surprising that consumers would turn to payday lenders to try to ease their financial burden. We’re over a decade on from the financial crash of 2008– but there is still need to for change.

It is time for consumers to take control of their personal finances with the solutions available to them. Taking out a loan to consolidate debts, and not having a number of credit cards, can make the repayment process easier and is often cheaper in the long-term.

Millions of people are struggling under high-interest credit options – one of the biggest issues affecting UK society.”

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