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Credit card debt consolidation could be needed by 25%
Written by on 16 December, 2010Credit card debt consolidation could be needed by as many as one in four Brits as large swathes of the population struggle to pay off their bills.
According to a recent report by the Bank of England, one in four are finding it difficult to keep on top of their credit card bills – which is causing many to seek third-party debt management advice.
The Bank is concerned that too many consumers are finding their monthly outgoings unsustainable.
"Interest rates on unsecured debt tend to be much higher than mortgage interest rates and appear to have been less sensitive to the changes in monetary policy," the Bank said.
It added that debt advice customers have been hit by rapidly rising credit card interest rates over the past year, as well as rising loan repayments.
Consumer price inflation is also taking its toll on debt-laden consumers' personal finances, according to the Office for National Statistics.