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'Debt bubble returns to days of 2008 crash' The Guardian

Tuesday, 20th June 2017

The Bank of England have raised concern that consumer spending is being underpinned by debt, amid comparisons to the run-up to the financial crash.

Unsecured consumer credit such as credit and store cards, car loans and payday loans is this year expected to hit levels not seen since the 2008 financial crash and the rise in inflation is expected to put even more pressure on cash-strapped households.

Figures published last week show inflation reached a four-year high in May, meaning shopping is getting increasingly expensive, further intensifying the squeeze on household budgets.

Charities and financial advisers are calling on the government to use the Queen’s speech to address the “bubble” of unmanageable debt that households are rapidly accumulating.

Are we to soon see an interest rate increase?

Last week the Bank of England’s monetary policy committee left interest rates on hold but three of the eight committee members wanted to raise them. Any rise in interest rates would push up the costs of mortgages and other credit for many borrowers which could lead to further repayment problems.

Debt advisers are urging the government to introduce a scheme where those in serious debt are protected by law from further interest, charges and enforcement action for up to six weeks. Many campaigners would like to see this extended further, possibly to up to a year.

You can read the full news article here – external link Debt bubble returns millions to days of 2008 crash

 

 

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