Nearly a million people ‘maxed out’
Article Category: Debt Consolidation Help and Advice
Almost one million adults in the UK have ‘maxed out’ on one form of credit in the last six months.
The sobering statistic of people who have reached the maximum that can be borrowed on at least one form of credit comes courtesy of research by financial comparison website Uswitch.com.
It also says that nearly a quarter of UK adults are finding their debts unmanageable and 38 per cent had had credit card applications refused.
Mike Naylor from uSwitch says that people have enjoyed easy access to cheap credit for some time, but "the party could be over".
"With banks tightening their lending belts more every day, people need to keep a close eye on borrowing costs and monthly interest payments because every penny counts," he added.
Mr Naylor also said that if consumers did not act quickly to sort their finances out they could find themselves caught in a "spiral of debt".
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