Credit card interest: debt problems
18/01/2011People who are having to deal with debt problems at present would do well to avoid using credit cards to try and balance their books this year.
That’s because the latest research into credit card debt shows that British will face paying as much as £2,000 extra every year by 2015.
And this is purely on covering only the interest accumulated on credit cards and loans.
Financial services giant PricewaterhouseCoopers (PwC) says that UK residents will have to come up with £1800 extra every 12 months.
The firm says this is thanks to interest rates on credit cards and lending, which are set to rise by two to three per cent in the next four years’ time.
The report from PwC comes at a time when UK savers are finding it hard to put away any money at all each month.
This is said to be down to recent hikes in living costs which mean as many as one third of people are unable to save at all. 
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