Personal Finance

Warning for anyone with credit card, loan or overdrafts

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.

Risk Warning:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

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