Dealing with debt – a problem that is affecting several million people across the UK
Latest Bank of England stats show that Credit Card debt has risen at its fastest rate since 2006. The amount spent on the plastic in April 2017 jumped to £600m reaching a record £6.1billion. It’s an average of more than £2,500 per household.
It’s believed low-interest rates have encouraged people to binge on cheap credit.
Many of us have been down that road of having money trouble. There are those who can cope and manage to sort it out. But millions struggle to pull themselves out of the massive abyss of debt.
The Financial Conduct Authority – FCA – wants credit card firms to do more to help those in debt. Suggested proposals include cancelling any interest or charges in extreme cases.
Charities also play a part with helping those in financial trouble. Their service is free. One of them is Step Change who have a team of advisors who can offer positive solutions. The guidance they give has provided a life-line to a number of people in debt
We spoke to Laura Rodrigues who has some tips and believes the FCA plans don’t go far enough
— YourNewsUKtv (@YourNewsUKtv) June 1, 2017
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