Published On: Wed, May 25th, 2022

Martin Lewis issues warning that card payments holidays are ‘negative’ for credit ratings | Personal Finance | Finance

As inflation reaches nine percent and with energy bills set to hit £2,800 in October, many households will be relying on credit card payments to make ends meet.

With this comes a greater risk of families falling into debt, with Creditspring reporting that credit card debt will reach £68billion within the next six months.

Neil Kadagathur, the co-Founder and CEO of Creditspring, explained: “For many households, the next rise in the energy cap will be the tipping point that pushes them into debt.

“With inflation and living costs soaring, millions are struggling to make ends meet and could be forced to turn to high-cost options to survive.

Source link

Most Popular News