BRITS could see credit card and other personal debts soar, due to today’s decision to put up interest rates today. Rates will rise by 0.25 per cent to 0.75 per cent later today, the highest rate since 2009. Young people are likely to suffer as a result of the rise, due to high levels of personal debt. In part, this could be due to credit card companies jacking rates on existing debts. But also, availability of cheap debt – which many young people rely on to get by – is likely to diminish. Research from R3, trade body for the insolvency profession, found that almost half (44 per cent) of those aged 25-44 have an outstanding credit card balance, compared to 26 per cent of over-55 year olds. And the amount we owe has risen sharply too. Research from financial wellbeing provider Neyber found that while household debt has risen to over £13,000 since 2017, among those aged 25-44 it is now more than £14,500. BACK ON TRACK Lidl is selling a fitness tracker for £25 – a quarter of the price of Fitbit RATE RISE Bank of England hikes interest rate to 0.75% – but how will it affect you?… Read full this story
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Young people with credit card debts ‘most at risk’ from interest rate rise have 211 words, post on www.thesun.co.uk at August 2, 2018. This is cached page on Konitono. If you want remove this page, please contact us.