Jan
14
Rising interest rates 'could push Brits over the edge'
According to data from the Bank of England, credit card rates grew from 15.89 per cent on November 30th 2009 to 16.26 per cent on December 31st. Chris Tapp, director of Credit Action, commented on the figures, saying that this could have a big effect on those who are already in financial difficulty - potentially "pushing them over the edge".
He added that more and more Brits could find themselves having to pay back a lot of money on credit cards, as they defied expectations to splash the cash over the festive period.
"People seem to have decided that despite the recession they still want to be able to enjoy Christmas, enjoy their trips to the shops and have been spending pretty merrily," he said
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