Commenting on the latest Credit Conditions Survey published by the Bank of England today, Tom Lyon, money expert at Uswitch.com, says: “The news that default rates on credit cards and other loans have significantly increased in recent months is of great concern to those already feeling the pinch. With rising prices and wages stagnant it is not surprising that many consumers are failing to pay their bills on time. It even greater concern is that the Bank of England is predicting things will get worse before they get better as UK households continue to struggle to meet their financial commitments.
“With the longest 0% interest balance transfer credit card deals set to disappear over the summer months, it’s more important than ever to make sure you are looking after your finances and staying on top of your repayments. This will not only improve your credit rating but also ensures you’re eligible to better deals.
“Whenever you are looking for a new source of credit it is important you compare the various offers available to ensure you are getting the right deal for your circumstances. Defaults on repayments, including mortgage and mobile phone bills, can negatively impact your credit rating. If you are struggling to repay, get in touch with your lender and speak to them about the options available, alternatively you can speak to a debt charity such as StepChange.”
Find out how you could save over £1,000 a year with Uswitch here.
FOR MORE INFORMATION
Rory Stoves
Phone: 020 3872 5613
Email: rory.stoves@uswitch.com
Twitter: @UswitchPR
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Uswitch is the UK’s top comparison website for home services switching. Launched in September 2000, we help consumers save money on their gas, electricity, broadband, mobile, TV, and financial services products and get more of what matters to them. Last year we saved consumers over £373 million on their energy bills alone.
Uswitch is part of RVU, a new business that also owns Money.co.uk and Bankrate.
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