An important warning for anyone with an existing credit card, loan or overdrafts. Check if you can cut its costs now, as the Bank of England is considering making that tougher.
There has been a huge increase in personal borrowing over the last year. The Bank of England is concerned and has warned this could lead to people defaulting and a bubble similar to that which caused the credit crunch a decade ago.
It has mooted the idea of tightening lending criteria to make it more difficult for those who shouldn’t borrow to get credit.